$82.9-million in business deals inked during Duterte's visit in Israel - The Daily Sentry

$82.9-million in business deals inked during Duterte's visit in Israel

President Rodrigo Duterte and Israeli Prime Minister Benjamin Netanyahu witness the signing of a memorandum of intent on the collaboration on the promotion of bilateral direct investment between Trade Sec. Ramon Lopez and State of Israel Economy and Industry Minister Eli Cohen / Malacanang photo via ABS CBN

Manila, Philippines - Almost USD83-million worth of business deals signed between the Philippines and Israel during President Rodrigo Duterte's three-day official visit proved the vast investment opportunities available to foreigners in the Philippines.

The president, according to Trade Secretary Ramon Lopez capped his Israel visit with 14 memorandums of agreement and understanding between the two countries and eight letters of intent from Israeli firms eyeing to invest in the Philippines.

“These agreements are a clear indication of the enormous business and investment opportunities in the Philippines available to Israelis,” Lopez said.

“The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners like Israel. Our engagement with them allows us to reinvigorate ties and increase trade between our countries,” he noted

Among the signed agreements are as follows:

  • Century Properties Inc. and Globe Invest Ltd. 
- Collaboration to enter into a Joint Venture Agreement for advanced energy optimization management, advanced agriculture and urban farming, prefabricated housing, water desalination, and other master-planned real estate development projects

  • Stone of David Corporation and Gaia Automative Industries 
- Cooperation on the marketing and promotion of tactical vehicles, including technology transfer

  •  Stone of David Corporation and MCTECH RF Technologies Ltd. 
- Cooperation on the development of military and intelligence products and hardware *

Israeli Prime Minister Benjamin Netanyahu (right) shakes hands with Philippine President Rodrigo Duterte during their meeting in Jerusalem on Monday. / Photo by Reuters via ABS CBN

In his speech during the meeting with business leaders in Jerusalem, the president vowed to provide a conducive investment climate to foreign investors.

“I know that you are for the return of your investments and if you do not dream of profits, then do not go into business. And that I said they are making profits,” Duterte said

“I will husband it --- your project --- whatever it is. There will be no corruption. There will be no harassments, no nothing. It's an ordinary day-to-day government business that you have to follow. And if you can do that and if you go there, tell me.” he added

Furthermore, the Philippine Center For Entrepreneurship Foundation - Go Negosyo and the Israel-Philippines Chamber of Commerce/Israel Chamber of Commerce of the Philippines also struck an MOU for the establishment of a partnership to jointly develop and undertake programs, projects and advocacy initiatives in relation to the Mentor Me Program.

Also, the  Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Israeli Chambers of Commerce inked the MOU for information exchange about commerce, industry market updates, and other opportunities.

The Subic Bay Metropolitan Authority and Eilat Port Company also signed an MOU for the promotion of the all-water route between the Port of Subic Bay and Israel’s Eilat Port, in relation to developing links between Subic Bay Freeport and the Eilat Port to support trade and investment.

 Source: PNA, ABS CBN