UAE and Philippines strengthen financial and investment relations

Mohamed Bin Hadi Al Husseini, Minister of State for Financial Affairs, received a high-level delegation from the Republic of the Philippines at the Ministry of Finance’s Dubai office, in the presence of Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and a number of Ministry’s officials.

The delegation included Dr Benjamin Diokno, Secretary of Finance, Amenah Pangandaman, Secretary of the Department of Budget and Management, Dr Arsenio Balisacan, Secretary of the National Economic and Development Authority, Dr Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines, Rosalia V. de Leon, National Treasurer, and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE.

The meeting discussed strengthening cooperation in financial and investment services between the two countries who will celebrate the 50th anniversary of diplomatic relations between them in 2024. Bilateral relations peaked in 2021 and 2022, after the signing of a series of memorandums of understanding, including the agreement to boost mutual investments and protect them from non-commercial risks in June 2022, and the beginning of talks on the Comprehensive Economic Partnership Agreement in February 2022.

Both parties discussed ways to enhance investment flows and potential investment opportunities, especially with the establishment of the Philippines’ first-ever sovereign wealth fund, as well as the exchange of financial solutions between the bodies representing the two countries. The delegation from the Philippines also introduced the bonds for Overseas Filipino Workers that were announced in cooperation with the National Bonds Corporation, and coordinated by the Central Bank of the Philippines with a group of international banks, including Dubai Islamic Bank.

The delegation’s visit to the UAE is part of a global tour that includes the United States of America, the United Kingdom, Canada, and Singapore.

Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade,  recently received a high-level delegation from the Philippines at the headquarters of the Ministry of Economy in Dubai.

The delegation included Benjamin Diokno, Secretary of Finance; Amenah Pangandaman, Secretary of Budget and Management; Arsenio Balisacan, Secretary of the National Economic and Development Authority; Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines; Rosalia V. de Leon, National Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, in addition to several officials.

During the meeting, the two sides discussed avenues of enhancing trade and investment relations, highlighting the latest updates of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which began after the two sides announced the beginning of talks during February 2022, with the aim of enhancing investment flows, facilitating intra-trade movement, and creating new opportunities for business communities in the two countries.

They also reviewed developments related to boosting bilateral relation and ways to develop joint economic projects across sectors of mutual interest, such as clean energy, artificial intelligence, transportation and logistics, as well as financial and banking services.

The two sides focused on the importance of joint work through the private sector by benefiting from the chambers of commerce and industry in the two countries, as well as joint and local business councils.

Non-oil intra-trade between the UAE and the Philippines continued to flourish in the first half of 2023, recording $506.1 million, an increase of 19.4 percent compared to the same period in 2022, while intra-non-oil trade in 2022 totalled over US$ 1.850 billion, up from $830.3 million and $715.6 million in 2021 and 2020, respectively.