While it is still uncertain as to how much the Philippine economy will grow by the end of this new year, over a trillion Pesos of investments were attracted by means of project approvals under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to a news article published by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.
In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.
“This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination,” the department said.
Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.
The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.
“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.
“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”
CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that more big-time investment-related projects will continue to come in via the CREATE Law?
Those who engage with selling online here in the Philippines and earn over P500,000 annually will have a new normal to live with as the Bureau of Internal Revenue (BIR) officially imposed the 1% withholding tax on online merchants that are found qualified, according to a Philippine News Agency (PNA) news article. Take note that BIR had been targeting online sellers previously and the Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.
In the year 2022, the digital economy of the Philippines contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than PHP500,000 annually are now subject to a 1-percent withholding tax.
BIR Revenue Regulation 16-2023, issued last December 21, said the withholding tax will apply to one-half of the gross remittances by electronic marketplace operators and digital financial services providers to the sellers or merchants for the goods or services sold through their platform.
The BIR defines an electronic marketplace as a “digital service platform whose business is to connect online buyers/consumers with online sellers/merchants, facilitate and conclude the sales, process the payment of the products, goods or services through such digital platform, or facilitate the shipment of goods or provide logistic services and post-purchase support within such platforms.”
These include marketplaces for online shopping, food delivery platform, and platform for accommodation booking.
The BIR clarified, however, that the withholding tax will not be imposed if the annual total gross remittances to an online seller do not exceed PHP500,000.
The withholding tax shall not apply “if the cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded PHP500,000,” the BIR said.
Sellers subject to a lower income tax rate pursuant to any existing law are also excluded.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR made the right move? Do you think the imposition of the 1% withholding tax on online sellers (that made over P500,000 annually) will have a significant impact on e-commerce here in the Philippines? If you were planning to sell goods or services online, does the 1% withholding tax discourage you?
To put things into perspective, posted below is an excerpt from the PNA story pertaining to investments. Some parts in boldface…
President Ferdinand R. Marcos Jr. on Friday (Manila time) expressed elation over the signing of the much-awaited “123 Agreement” on nuclear cooperation between the governments of the Philippines and the United States.
This was after Energy Secretary Raphael Lotilla and US Secretary of State Antony Blinken signed the nuclear cooperation agreement that will facilitate the collaboration between the two countries on technical exchanges, scientific research, and initiatives to ensure the safe operation of nuclear power installations.
The agreement was signed on the sidelines of Marcos’ participation in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California.
“I am most pleased to be here today to join you this afternoon to witness another milestone towards a more energy-secure and green Philippines,” Marcos said, noting that the move was in line with his plans to ensure an “affordable, reliable, and sustainable energy supply” for the Philippines.
Marcos expressed optimism that the signing of the nuclear deal would encourage more foreign investors to pursue nuclear power projects in the Philippines.
The nuclear power cooperation, he said, would enable the country to meet its growing energy demands and provide a “more investor- and consumer-friendly environment.”
“The signing of the Philippines – United States Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement is the first major step in this major regard, taking our cooperation on capacity-building further and actually opening the doors for US companies to invest and participate in nuclear power projects in the country,” Marcos said.
The 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.
The agreement will allow the Philippines to use US nuclear technology, not for war, but for energy security and climate goals.
The President noted that apart from the 123 nuclear deal, Meralco and Ultra Safe Nuclear Corp. also signed a cooperation agreement to undertake a Pre-Feasibility Study on Micro-Modular Reactors (MMRs) to explore clean and sustainable energy options in the country.
Under the agreement, a feasibility study will be conducted for the potential deployment of MMRs to Meralco sites to enforce the sustainable energy agenda and provide affordable and dependable access to power, particularly to the underserved and off-grid areas for economic empowerment.
“I know our companies are eager to advance discussions on potential projects. Just yesterday, the MOU (memorandum of understanding) between Meralco and Ultra Safe Nuclear Cooperation was also presented to me. So, I believe congratulations are in order for the work of our respective negotiating teams, especially to the team from the United States,” Marcos said.
“I look forward to seeing this agreement in action in the years to come. Nuclear energy is one area where we can show that the Philippines-US alliance and partnership truly works, for our peoples, our economies, and the environment.”
For the PNA story pertaining to energy and modular reactors, below is the excerpt. Some parts in boldface…
The historic nuclear cooperation deal between the United States and Philippines would allow the Philippines to secure US-developed nuclear technologies, including small modular reactors.
Manila and Washington D.C. signed the civil nuclear cooperation deal, commonly known as a 123 Agreement, at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco on Nov. 16 (US time).
The agreement will facilitate and enhance cooperation on clean energy security and strengthen the two nations’ alliance, the US State Department said.
“With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines,” it said.
The signing marks the successful culmination of the negotiation process launched by Vice President Kamala Harris during her trip to the Philippines in November 2022.
The deal, the State Department said, also spells out limitations on enriching, reprocessing, and transferring specific items without the other party’s consent.
“This agreement lays out a comprehensive framework for peaceful nuclear cooperation between the Philippines and United States based on a mutual commitment to nuclear nonproliferation and is required by US law to allow for the transfer of nuclear equipment and material for peaceful uses,” it said.
The name 123 Agreement is derived from Section 123 of the US Atomic Energy Act, which requires the US to have an agreement with a country before it can conduct nuclear export.
Section 123 establishes nine nonproliferation criteria that 123 Agreements must include and signatories must uphold.
Oregon-based NuScale is known for developing a small nuclear power system, described as safe, modular and scalable.
Let me end this piece by asking you readers: What do you think about these recent developments? Can you imagine what a nuclear-powered Philippines would be like in the years to come? Are there still people in your local community who are afraid of anything related to nuclear power? Do you admire the efforts of the Marcos administration when it comes to modernizing the Philippines with nuclear technology and power?
Recently in the United States, President Ferdinand “Bongbong” Marcos, Jr., met with members of the American business community and enticed them to invest in the Philippines stating that a wealth of opportunity awaits them and the country is set to take off as a major Asian investment destination, according to a news article published by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The Philippines is all set to become the “leading” investment destination in Asia, President Ferdinand R. Marcos Jr. said Thursday (Manila time).
“With a solid reform agenda and unabating growth amid headwinds, the Philippines is ready to take off as a leading investment hub in Asia,” Marcos said during the Philippine Economic Briefing (PEB) in San Francisco, California, as he enticed the business community in the United States (US) to invest in the Philippines.
“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” he added.
Marcos assured the US businesses of a favorable business environment in the Philippines, adding that his administration is committed to promoting high-value investments.
He said an influx of highly-desirable investments in strategic sectors of the Philippine economy is expected, considering the amendments to the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act and the Implementing Rules and Regulations of the Renewable Energy Act.
He noted that the government has also introduced reforms to the Philippines’ fiscal incentives structure through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract both domestic and global firms to invest in strategically important sectors.
“Investments in rural areas and highly-advanced and technology-enabled projects and activities are given top priority and, consequently, greater and longer incentives,” Marcos said.
“Investments in the digital space are also highly prioritized. Incentives are given to projects covering research and development and those adopting advanced digital production technologies such as, for example, artificial intelligence, additive manufacturing, data analytics, cloud computing, and nanotechnology,” he added.
Marcos said the public-private partnerships (PPP) framework has also been modified to simplify the approval processes, ensure the viability and bankability of PPP projects, cut red tape, and pave the way for quality infrastructure development.
“These reforms support the Philippines’ massive infrastructure drive. We are prioritizing the implementation of 197 infrastructure flagship projects worth around USD155 billion, with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy,” he said.
Let me end this piece by asking you readers: What do you think about this recent development? Do you think a huge amount of investments from American businesses into the Philippines will be realized in due time? What do you think the government should do to keep attracting more foreign investors as the Philippines is now in the post-pandemic age?
To put things in perspective, posted below is an excerpt from the GMA Network news report. Some parts in boldface…
President Ferdinand “Bongbong” Marcos Jr. said Monday that the implementing rules and regulations of the Maharlika Investment Fund (MIF) have been finalized, weeks after he said its implementation was suspended.
“The Investment Rules and Regulations of Maharlika Investment Fund have been finalized,” Marcos said on Instagram.
“Upon our approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” he added.
The IRR, which would spell the beginning of MIF’s operationalization, was released in August. Marcos announced the suspension of its implementation “pending further study” on October 18.
Before leaving for Saudi Arabia last month, Marcos clarified that the MIF was not put on hold, saying the government was still working to have it operational within the year.
“We are, the organization of the Maharlika Fund proceeds apace, and what I have done though, is that we have found more improvements we can make, specifically to the organizational structure of the Maharlika Fund,” the President had said.
Marcos had said the suspension of the IRR should not be misinterpreted as a judgement of rightness or wrongness of the MIF.
he President also maintained that economic managers and “personalities who will actually be involved in the fund” had been consulted regarding the MIF.
Marcos signed into law Republic Act No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023 in July, with the aim to tap state assets for investment ventures to generate additional public funds.
The law creates the Maharlika Investment Corp. (MIC), a government-owned company that will manage the MIF — a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.
Under the law, the initial capitalization of the MIF would be sourced from Landbank at P50 billion, DBP at P25 billion, and the national government at P50 billion.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that there is no stopping the implementation of the Maharlika Investment Fund in the near-future?
As the Philippines continues to move forward in this post-pandemic age, the national unemployment rate fell down to 4.4% this past August, according to a Manila Standard news report.
To put things in perspective, posted below is an excerpt from the Manila Standard news report. Some parts in boldface…
The unemployment rate in the Philippines fell to a three-month low of 4.4 percent in August 2023 from 4.8 percent in July, the Philippine Statistics Authority said Friday.
National statistician and civil registrar-general Dennis Mapa said in an online briefing the August unemployment rate was also lower than 5.3 percent recorded a year ago.
This translated to about 468,000 fewer unemployed individuals in August, according to the National Economic and Development Authority (NEDA).
“In terms of magnitude, there were 2.21 million unemployed Filipinos aged 15 years and over in August 2023,” Mapa said.
“It was also lower than the 2.27 million unemployed in July 2023 and 2.68 million a year ago,” he said.
The underemployment rate also fell from 14.7 percent in August 2022 and 15.9 percent in July 2023 to 11.7 percent in August this year. This was equivalent to 1.4 million fewer underemployed persons, particularly among those employed in the services and industry sectors.
Underemployed persons are those who have expressed the desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.
The number of employed persons aged 15 years and over in August 2023 increased to 48.07 million from 47.87 million a year earlier. This translated into 95.6 percent employment rate, higher than the reported employment rate in August 2022 and July 2023 at 94.7 percent and 95.2 percent, respectively.
Total employment increased 203,000 in the agriculture and industry sectors.
Mapa said the labor force participation rate (LFPR) in August reached 64.7 percent, lower than 66.1 percent a year ago, but higher than 60.1 percent in July 2023.
NEDA underscored the Marcos administration’s commitment to generating high-quality and high-paying job opportunities for workers.
NEDA said that apart from the decline in underemployment, several other indicators pointed to an accompanying increase in the quality of employment, including the increase in wage and salary, and full-time employment, and the decline in vulnerable and part-time employment.
“However, much remains to be done as the number of middle- and high-skilled occupations decreased (-354,000), while low-skilled occupations increased (+551,000) compared to the previous year,” NEDA said.
NEDA Secretary Arsenio Balisacan said the government would continue its efforts to create better job opportunities for workers in the country.
“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he said.
Let me end this piece by asking you readers: What is your reaction to this recent development? Were there many people in your local community who were fortunate to get a new job over the past twelve months?
In the years to come and if no major disasters would happen, something new will be rising in the south of Metro Manila. I am talking about the ambitious Villar City project which has been making waves through the media, social media and in nearby communities in recent times. Recently the Manila Bulletin published an article about the planned casino project within Villar City but if you pay close attention to the details, there is a lot more about the said city which should give you an idea about the scope and vision behind it.
To put things in perspective, posted below is an excerpt from the Manila Bulletin article. Some parts in boldface…
Philippines’ richest Manuel B. Villar Jr. announced plans to put up a satellite casino in his newly-launched Villar City in addition to the one he is developing in the 80-hectare Global South integrated resort project.
Being his legacy project, Villar is carefully designing Villar City to be Metro Manila’s “new center of gravity” to ensure that it will be as iconic as it is massive.
The planned 3,500-hectare Villar City spans 15 cities: Taguig, Las Pinas, Paranaque, Muntinlupa, Bacoor, Dasmarinas, Imus, San Pedro, General Mariano Alvarez, Silang, General Trias, Tanza, Trece Martires, Carmona, and Tagaytay.
Villar City will be about 10 times as big as Bonifacio Global City, indicating its sheer magnitude not only in terms of the number of homes, offices and complexes that will be built within this vast community, but also with respect to its potential contribution to job generation and economic development.
Among the highlights of the city’s development will be his second casino project which will be a satellite of the $1 billion integrated casino and resort complex in Global South that is being developed with a Korean partner.
He noted that they have finalized discussions for the partnership with the Korean firm for the Global South project and the cost may likely exceed $1 billion because the land alone is already worth that much.
The first casino will also have a hotel component while Villar said he is converting the upper two floors of the mall there in a casino for high-rollers and VIPs. At 80-hectares, it will be bigger than any of the casinos at the PAGCOR Entertainment City in Parañaque.
Meanwhile, Villar said the satellite casino in Villar City will be bigger but he is not yet sure if it will be developed with the same Korean firm noting that, “It will depend on how well our partnership (in Global South) progresses.”
Aside from the casino, another highlight of Villar City will be a theme park which Villar plans to integrate with the mall that will be built there.
He said they will develop their own concept for the theme park and will not be getting a license or franchise from a foreign theme park operator.
“Part of the them park will be inside the mall so that there will be plenty of things to do in case it rains or when it is too hot outside. So part of the theme park will be indoors and both the theme park and mall will complement each other,” Villar said.
Villar also said he plans to donate a piece of land in Villar City to the University of the Philippines, his alma mater, to build a college focused on technology noting that, located at the city’s entrance is La Salle Dasmariñas.
Let me end this piece by asking you readers: What is your reaction to this development? Do you think Villar City will create a lot of new jobs related to construction and service in connection with its very ambitious scope? Do you think that south of Metro Manila will be receptive to new casinos and theme parks in the future?
For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673
A new economic age for the Philippines has started as President Ferdinand “Bongbong” Marcos, Jr., signed into law the Maharlika Investment Fund (MIF) bill which formally establishes the nation’s sovereign wealth fund, according to a Philippine News Agency (PNA) report.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
President Ferdinand R. Marcos Jr. on Tuesday signed into law a bill establishing the Maharlika Investment Fund (MIF), the Philippines’ first-ever sovereign wealth fund.
Marcos signed Republic Act (RA) 11954 in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila.
In a keynote speech, Marcos said the MIF is designed to drive economic development in the country.
“The MIF is a bold step towards our country’s meaningful economic transformation. Just as we are recovering from the adverse effects of the pandemic, we are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos said.
“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments and for us to be able to participate in those operations, in those investments without additional borrowings,” he added.
Following the signing of RA 11954, Marcos said his administration would “go out to the world and do the changes that are necessary for the Philippines to become an investment-friendly nation.”
“The fund will fail if we do not make money on the fund. It’s that simple… That is why we put up a Maharlika Fund so as to be able to give us the capacity and the ability to join in those investments, be part of that,” he said.
He reiterated that he would make sure that the MIF would be “well-run” by professionals.
He added that the country has the “best” economic managers both in government and the private sector to ensure the proper management of the MIF.
“Let us make sure that the decisions that are being made for the fund are not political decisions, that they are financial decisions because that is what the fund is,” Marcos said.
The MIF is established to optimize national funds by generating returns to support the Marcos administration’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.
In a separate statement, Budget Secretary Amenah Pangandaman said the Department of Budget and Management (DBM) will continue to provide support and technical assistance in the formulation of the implementing rules and regulations of RA 11954.
“The creation of this development fund is very good news because this means we now have an opportunity to expand our fiscal space for the government’s priority programs,” Pangandaman said. “Of course, we fully support this as it will help expand our fiscal space. So we at the DBM remain committed to helping ensure that this development fund will be a success and implemented with utmost integrity.”
Under RA 11954 , the MIF will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects that contribute to the attainment of sustainable development.
The establishment of the MIF will provide the government with a long-term source of income, as well as ease the burden on the national budget by providing additional funding for other priority projects of the government.
Unlike other government-owned or -controlled corporations (GOCCs), the MIF will be able to maximize government assets through its investments in projects that generate bigger returns.
The proposed measure seeks the establishment of the Maharlika Investment Corp. (MIC), which will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”
The MIC is expected to have at least PHP75 billion in paid-up capital this year, with PHP50 billion sourced from the Land Bank of the Philippines and PHP25 billion from the Development Bank of the Philippines.
The law prohibits government agencies and GOCCs that provide for social security and public health insurance to contribute to and invest in the Fund.
These include the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office pension fund.
For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…
Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think about the Maharlika Investment Fund that is now officially a law? Do you expect financial or economic breakthroughs to happen for the Philippines soon?
To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…
THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic demand and despite elevated inflation, the World Bank said, raising its forecast from 5.4% in January.
A recovery in jobs, improved consumer sentiment and strong remittances from Filipinos overseas would drive local consumption, the multilateral lender said in its Global Economic Prospects report on Wednesday.
“Despite external challenges, high domestic inflation and tight monetary conditions, domestic demand has once again remained resilient, fueling growth,” World Bank Country Director for the Philippines Ndiame Diop separately told a virtual news briefing.
The latest growth forecast is the lower end of the government’s 6-7% growth target this year. The Philippine economy grew by 6.4% in the first quarter, slower than 8% a year ago and 7.1% a quarter earlier.
“Despite weak global conditions, our upward revision reflects this continued strength in domestic demand,” World Bank Philippines Senior Economist Ralph van Doorn said.
But the potential global slowdown could still affect growth. “Although the global economy displayed remarkable resilience in early 2023, economic conditions will remain subdued for the rest of 2023,” Mr. Diop said.
He said global growth is expected to wane due to “persistent inflation, slowdown of global trade and the effect of recent monetary tightening.”
The World Bank expects global growth to slow to 2.1% this year, though this is higher than its earlier 1.7% projection. It also sees global growth reaching 2.4% next year and 3% in 2025.
“Risks remain tilted to the downside,” Mr. Diop said. “Recent episodes of market instability have raised concerns of a potential spillover. The possibility of further monetary tightening amid sticky core inflation could raise the cost of global financing and lead to a more pronounced and prolonged global slowdown.”
Persistent inflation remained a cause for concern, the World Bank said.
“Although our baseline forecast (shows) inflation will decelerate, it is still the main challenge,” Mr. van Doorn said.
The World Bank expects Philippine inflation to average 5.7% this year, higher than its earlier 4.2% forecast.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the World Bank’s analysis about economic growth for the Philippines this year? Do you think the Philippine economy can do better than expected by the end of 2023?
This week has been very significant for Israel-Philippines relations. Israel’s Foreign Minister Eli Cohenarrived here on an official visit and he had a high-level meeting with President Ferdinand “Bongbong” Marcos, Jr. in Malacañang Palace which resulted in very tremendous agreements that include direct flights between Israel and the Philippines, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the PNA article. Some parts in boldface…
Philippine President Ferdinand “Bongbong” Marcos, Jr., with Israel’s Foreign Minister Eli Cohen. (photo source: Israel in the Philippines Facebook page)
The Philippines and Israel are pushing for the direct flights between the two countries and elevating their partnership in agriculture and water sectors, Malacañang said on Tuesday.
The plan to enhance cooperation between Manila and Tel Aviv was discussed when President Ferdinand R. Marcos Jr. met with Israeli Foreign Minister Eli Cohen at Malacañan Palace in Manila on Monday, Presidential Communications Office (PCO) Secretary Cheloy Garafil said in a statement.
Cohen told Marcos that establishing direct flights between the Philippines and Israel would boost the two nations’ tourism and economic ties.
“There’s another thing that we, both of us, took for an action item. [It] is to have a direct flight… your external sea between Israel and the Philippines,” Cohen, as quoted by the PCO, said during the meeting, referring to his earlier meeting with Filipino officials.
“And I think that we agree that both ministries will work together to have the direct flight. And this is also to bring more business people to come to invest and reach the place between us. So this is also another important action item that we will do.”
The Philippine Airlines was supposed to launch its direct flights to Tel Aviv in 2022, but the plan has been stalled because of geopolitical concerns.
The Philippines has become one of the top tourist destinations for the Israelis in the last few years, Israeli Ambassador to the Philippines Ilan Fluss said in November 2022.
Cohen also told Marcos about Israel’s planned closer cooperation with the Philippines to ensure food security, suggesting that the two nations may open an agricultural hub.
“I think that we can work together on the segment of agriculture. I just let you know that our land, 60 percent of our land is desert. But although 60 percent of our land is desert, we were able to provide all our water needs,” Cohen said.
“And I think that we can work together and let’s say that less import, more export for the Philippines. And I think that we can work together,” he added.
Marcos said he was glad that Cohen raised Israel’s plan, as he expressed admiration for its advancement in agriculture.
He added that agricultural development is “very important” for the Philippines,
“Because when we look at the economy as hard to just test, we said how do we fix the economy. It always comes down to agriculture first, how to fix every policy, then everything else would be great. So that’s the position that we find ourselves in,” he said. “So, the offers that you make for assistance and partnership in those two areas are very, very welcome.”
Cohen said the Philippines and Israel can also collaborate on water management, noting Tel Aviv’s vast experience in this sector.
He said Israeli experts may visit the Philippines to provide advice, noting that Israel has been reusing a large portion of its water resources because of water scarcity and it can share its experience in water management with the Philippines.
Marcos said the Philippines is looking at Israel and Singapore for best practices that the country can imitate.
The establishment of direct Israel-Philippines flights will enable more Filipinos to visit the Holy Land while potential more Israelis will visit more conveniently and boost not only Philippine tourism but also engage in business and investments. For those of you who want to visit Israel to deepen your faith in the Lord, read my Israel 2023 feature articles by clicking here, here, here, here, here and here.
To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed by all. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!
Author Carlo Carrasco 