THE PHILIPPINES and Israel signed an investment promotion and protection agreement (IPPA) on June 7, the Department of Trade and Industry (DTI) said.
In a statement on Wednesday, the DTI said Trade Secretary Ramon M. Lopez and Israeli Finance Minister Avigdor Lieberman signed the IPPA in Jerusalem.
“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 DTI said.
Philippine Ambassador to Israel Macairog S. Alberto said the deal sets the framework for a closer investment relationship between the two countries.
Mr. Lopez said: “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 (BPO) sectors in the Philippines,” Mr. Lopez said.
According to the DTI, Israel is the Philippines’ 34th largest trading partner, 39th largest export market, and the 31st largest source of imports in 2020. — Revin Mikhael D. Ochave