PH, Israel sign IPPA
The Philippines and Israel are set to strengthen their bilateral economic relations through the signing of the Investment Promotion and Protection Agreement (IPPA).
Under the agreement, the two countries agreed to cover national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.
The industries prioritized under the IPPA include 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.
Department of Trade and Industry (DTI) Secretary Ramon Lopez said that the IPPA aims to encourage more Israeli businesses to look into investment opportunities in the Philippines.
“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, water, and business process outsourcing (BPO) sectors in the Philippines,” he added.
Israel ranked 34th as the Philippines’ trading partner, being the 39th export market and 31st import source.
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