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Manila Bulletin devider Philippines devider National devider PH-Israel investment pact to bring more jobs to Filipinos

PH-Israel investment pact to bring more jobs to Filipinos

Published Jun 14, 2022 03:44 pm

The Philippines and Israel agreed to broaden their bilateral economic cooperation by signing an investment promotion agreement that is aimed at creating more jobs for Filipinos, the Department of Foreign Affairs (DFA) said.

TI Secretary Ramon M. Lopez and Israeli Finance Minister present the newly-signed Philippines-Israel Investment Promotion and Protection Agreement. (Photo courtesy of the Philippine Embassy in Tel Aviv/DFA)

Department of Trade and Industry (DTI) 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.

According to the DFA, 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.

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 Duterte in Israel, when both sides signed a Memorandum of Intent for a bilateral investment agreement, the DFA added.

This pact, according to Ambassador Macairog Alberto, 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 said.

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 recently 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 positions in the Israeli hotel workforce.

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DTI Israel INVESTMENT PACT Philippines jobs 61422
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