The Philippine and United Arab Emirates signed an Investment Promotion and Protection Agreement (IPPA) on June 9, 2022, paving the way for the entry of P7.1-billion worth of investments into the Philippines and 2,500 job opportunities for Filipinos.
Trade Secretary Ramon Lopez said the newly-signed IPPA would allow Philippines access to UAE’s over $1.6-trillion sovereign wealth fund (SWF) and lead to the Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
“The IPPA will boost of investments between the countries and the CEPA will also pave the way for the Philippines’ enhanced access to the broader Middle Eastern region and could be UAE’s strategic hub in the Southeast Asian market,” said Lopez.
Four of the world’s largest funds are based in the UAE—the Abu Dhabi Investment Authority, the Investment Corporation of Dubai, Mubadala Investment Company and the Abu Dhabi Developmental Holding Company PJSC.
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