The relationship between Israel and the Philippines moved forward some more as they recently signed a major agreement related to investments and economic cooperation, according to a news report by The Jerusalem Post.
To put things in perspective, posted below is the excerpt from report of The Jerusalem Post news report. Some parts in boldface…
Finance Minister Avigdor Liberman and Filipino Secretary of Trade and Industry Ramon Lopez signed an agreement on Tuesday that encourages and protects investments between Israel and the Philippines.
The trade deal
The deal aims to create an investment environment that encourages economic activity by providing a basket of commitments to investors from both Israel and the Philippines. It is expected to provide security and stability to foreign investors and encourage capital movements between the two countries. It covers regulatory issues, prevention of expropriation of assets, free flow of capital and advanced protection mechanisms for the rights of foreign investors in the host country.
“The investment protection agreement signed will help develop economic ties between the countries,” Liberman said. “The commitment between the countries to encourage mutual investment and provide optimal conditions for investors will strengthen existing economic activity and enable new opportunities for the private sector in both countries.”
The Philippines’ economy has grown significantly in the last decade, averaging about 6.4% annually from 2010-2019, according to the World Bank.
Following the coronavirus pandemic, the Philippines managed to bounce back from a 35% decline in global investment flow in 2020, increasing its incoming investment almost 30% this year.
“The high growth in the Philippines over the last decade and the increase in investment flows to it, together with the agreement signed, will strengthen economic cooperation and increase investment between the countries,” said Shira Greenberg, the Finance Ministry’s chief economist.
“The Philippines is a major partner in significant Asia-Pacific regional trade agreements, and in conjunction with the investment agreement signed today, it will open up new opportunities for Israeli companies and investors operating in these markets,” she said.
In recent times, the initial batch of Filipino hotel workers were sent to Israel to help its hospitality/tourism industry. Already the State of Israel is looking forward to stronger bilateral ties with the Philippines under the incoming administration of new President Ferdinand “Bongbong” Marcos. Marcos, who had met Israeli Ambassador Ilan Fluss, will formally take office on June 30, 2022.
As for this most recent development between the Republic of the Philippines and the State of Israel, the agreement can lead to a new wave of investments and even business innovation between them. Both nations have their own populations of not just trained workers but also entrepreneurs and investors (both individuals and organizations) who can visit the other nation for fresh opportunities to progress and prosper. Israel itself has an enduring record of being a hot spot for business innovation and startups. As such, the protection of investments between Israel and the Philippines is indeed crucial. This newest development is something we can all be thankful to the Lord for.
If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful (not religious), you should be aware that Christians are meant to stand united with Israel, love the Jewish people and pray for the peace of Jerusalem. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.
Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel!
In ending this I Love Israel piece, posted below are Israel-related videos plus Philippine news videos for your viewing pleasure and enlightenment.
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