Trade between Israel and the Philippines could improve and help develop each other economically in the years to come as the two nations strengthened their ties further by establishing the Joint Economic Commission (JEC), according to a recent report by BusinessWorld.
To put things in perspective, posted below is the excerpt from the BusinessWorld report. Some parts in boldface…
THE Philippines and Israel said they formed a Joint Economic Commission (JEC) that will explore pathways to improving trade.
In a statement on Thursday, the Department of Trade and Industry (DTI) said Trade Secretary Ramon M. Lopez signed a memorandum of understanding (MoU) with Israel Economy and Industry Minister Orna Barbivai in Jerusalem on June 7 that created the JEC.
“The MoU seeks the establishment of a bilateral consultative mechanism that will develop and strengthen trade, enhance investments, and advance economic ties between the Philippines and Israel,” the DTI said.
“In establishing a JEC, the two countries agree to exchange information on economic issues, identify and implement cooperative projects, organize consultations, missions, and official visits and enhance cooperation and linkages with their respective private sector,” it added.
The DTI said the MoU will seek to explore industries where the two countries can collaborate with a view towards diversifying trade and investments.
He added that priority sectors for promotion include agribusiness/agriculture production, energy efficiency technologies and renewable energy, infrastructure and public-private partnership (PPP) projects in infrastructure, real estate development, logistics, artificial intelligence, information technology and business process management (IT-BPM) including shared services, electronics manufacturing, and digital infrastructure.
Mr. Lopez told reporters via Viber that the initial investments from the investment promotion and protection agreement (IPPA) between the Philippines and Israel could bring around $150 million in investment in 2022.
“Early harvest could be around $150 million this year,” Mr. Lopez said.
Also signed on June 7, the IPPA provides the framework for a closer investment relationship between Israel and Philippines. It also specifies investment protection elements such as national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.
The DTI also recently signed an MoU seeking to strengthen cooperation with the Israel Innovation Authority.
This newest development is undoubtedly critical as both the Philippines and Israel share the same goal of recovering from the damage of the COVID-19 crisis and emerging stronger economically and socially. The JEC between the two nations is something we must be thankful to God 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 for your viewing pleasure and enlightenment.
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