PH sees $150-M fresh investments from Israel

Philippines and Israel signed three agreements which are expected to bring in Israeli investments of $150 million initially as both countries agreed to further boost bilateral economic relations.

There were also inquiries on food and beverage, satellite images and water desalination and treatment, Lopez said. Meantime, the MOU on Economic and Technical Cooperation seeks the establishment of a bilateral consultative mechanism or the Joint Economic Cooperation that will develop and strengthen trade, enhance investments, and advance economic ties between the Philippines and Israel. The MOU is an outcome of the Presidential visit of President Duterte in 2018.

Israel Minister Barbivay lauded the initiatives pushed by the outgoing administration of President Duterte to liberalize the Philippine economy and attract more foreign investments. Further, she expressed hope that more Israeli companies would invest in the Philippines which would result in economic gains for both countries.

The Philippine trade chief also highlighted the country’s economic reforms and key legislations necessary that positions the country as a hub for investment, manufacturing, and innovation, through ease of doing business , Public Service Act , and Corporate Recovery and Tax Incentives for Enterprises Law.

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