Philippines Signs P4.4 Billion Investment Deals With Israel During Pres. Duterte's Visit

The Philippine delegation to Israel has signed $82.9 million or roughly P4.4 Billion worth of investment deals from Israeli businesses in the wake of Pres. Rody Duterte's official visit to the Jewish State of Israel.


In an official statement released to the media, Department of Trade and Industry (DTI) said the signed agreements which were presented to Pres. Duterte on Tuesday, will help deepen Philippine ties with Israel.



Trade Secretary Ramon Lopez was quoted as saying "The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners like Israel," "Our engagement with them allows us to reinvigorate ties and increase trade between our countries," he added.

The business deals consist of three memoranda of agreement (MOA), 11 memoranda of understanding (MOU), and seven letters of intent (LOI). The agreements cover different sectors such as real estate, agriculture and urban farming, housing, military and security operations, and development projects.

Sec. Lopez also said the the Philippines can learn more about start-ups, which Israel is known for worldwide. Some of the most prominent start-ups in Israel includes Taboola, Payooner, Argus, SimilarWeb, and 3PLW, a company that turns livestock manure, food waste and fertilizer to bioplastics, to name a few start-ups.



Sec. Lopez noted that "Our strategy should emphasize the ingenuity and creativity of Filipinos, which will result to a synchronized Philippine information and technology roadmap," the DTI chief said.

MalacaƱang on Monday said the two countries had jointly signed memoranda on temporary employment of home-based Filipino caregivers, scientific cooperation, and promotion on bilateral direct investment.

Duterte left the country on Sunday for Israel. The trip is a first for a Filipino leader. President Rody Duterte will head back to the Philippines on September 8, 2018 after his visit to the Hashemite Kingdom of Jordan.

Source: CNN Philippines

Philippines Signs P4.4 Billion Investment Deals With Israel During Pres. Duterte's Visit Philippines Signs P4.4 Billion Investment Deals With Israel During Pres. Duterte's Visit Reviewed by Phil Newsome on September 06, 2018 Rating: 5
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