JERUSALEM– Trade and Industry (DTI) Secretary Ramon M. Lopez and Israeli Finance Minister Avigdor Lieberman signed the Philippines-Israel Investment Promotion and Protection Agreement (IPPA) on 07 June 2022, signaling their commitment to facilitating direct investments between both countries.
The IPPA 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. It also protects the rights of investors by ensuring fair and rules-based processes and provides for dispute settlement mechanisms.
Discussions for the pact began during the 2018 visit of President Rodrigo Duterte in Israel, when both sides signed a Memorandum of Intent for a bilateral investment agreement.
Ambassador Macairog S. Alberto, who joined Secretary Lopez during his meeting with Minister Lieberman, hailed the conclusion of the Agreement. “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”, the envoy said.
Secretary Lopez is in the Holy Land to bolster trade and economic ties between the Philippines and Israel through bilateral meetings with his counterparts, conclusion of key agreements, and participating in a business forum and matching session for Filipino and Israeli firms.
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.
Source: Republic of Philippines Department Of Foreign Affairs