The Philippines and Israel signed the Investment Promotion and Protection Agreement (Ippa) to further boost bilateral economic relations.
Trade and Industry Secretary Ramon Lopez and Israel Finance Minister Avigdor Lieberman signed the Ippa on Tuesday, June 7, in Israel.
The Ippa covers the investment protection elements such as national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.
Industries
The Ippa with Israel provides a key opportunity to tap into the industries of agro-tech, life sciences and healthcare, water technologies, high-technology and semiconductors, cybersecurity, financial technology, defense industry, smart transportation, clean technology, smart manufacturing, and the diamond industry.
The Ippa, Lopez said, is an important arrangement in encouraging more investments.
“The Philippines eyes Israel’s expertise on innovation, especially in new and smart technologies that will bring about more competitive and efficient products. On the other hand, Israeli investors expressed interest in investing in the infrastructure, agriculture and water, and business process outsourcing sectors in the Philippines,” Lopez said in a statement.
Framework
Philippine Ambassador to Israel Macairog Alberto highlighted that the investment agreement lays down the framework for a closer investment relation between the countries deepening our shared historical ties.
Lopez reiterated a more conducive investment environment between the Philippines and Israel this coming administration.
“Israeli investors can certainly look forward to maximizing the gains from the game-changing legislative amendments such as the liberalization of the public services act, retail trade liberalization law, and the foreign investments act and now is the most opportune time to do so,” the trade chief said in a press statement.
In 2020, Israel ranked 34th as the Philippines’ trading partner, 39th export market, and 31st import supplier.
The approved investments from Israel primarily come from the manufacturing, wholesale and retail trade, and repair of motor vehicles and motorcycles industries. (with PR)