The Department of Foreign Affairs (DFA) on Tuesday disclosed that the Philippines and Israel have agreed to deepen their bilateral economic cooperation by signing an investment promotion agreement intended at creating more jobs for Filipinos
The DFA said Trade and Industry Secretary Ramon Lopez and Israeli Finance Minister Avigdor Lieberman recently signed the Philippines-Israel Investment Promotion and Protection Agreement (IPPA), signaling their commitment to facilitating direct investments between both countries.
The agreement further broadens bilateral economic cooperation by creating a conducive environment for investments in agriculture, health, water management, ICT, cybersecurity, fintech, defense industry, smart transportation, smart manufacturing, and diamond industry development, the DFA added.
The investment pact also protects the rights of investors by ensuring fair and rules-based processes and provides for dispute settlement mechanisms.
According to the DFA, the discussions for the pact started during the 2018 visit of President Duterte in Israel, when both sides signed a Memorandum of Intent for a bilateral investment agreement.
According to Ambassador Macairog Alberto, the trade pact is expected to result in more job opportunities for Filipinos and the opening of more businesses in the country.
“The IPPA’s signing is another milestone in Philippines-Israeli bilateral ties. I am confident that our people will soon enjoy the benefits of this Agreement through the creation of more jobs and the opening of more businesses in our country,” Alberto stressed.
The envoy said the Philippine Embassy in Tel Aviv will continue to work closely with DTI, the Board of Investments, Filipino firms, as well as partners in the Israeli government and business sector on activities that aim o on the gains stemming from the IPPA.
Earlier this month, more than 60 Filipino hotel workers were deployed to Israel as it reopens its tourism industry.
The deployment is part of the Philippines-Israel labor agreement signed during President Duterte’s visit to Israel in 2018. It aims to hire 500 Filipino hotel workers for the initial phase.
The Philippines is looking to deploy Filipino professionals for mid-level management position in the Israeli hotel workforce.