A HIGH-LEVEL Philippine economic team embarked on a two-day mission to the Middle East to entice businessmen to invest in the Philippines.
Led by Finance Secretary Benjamin Diokno, the team together with DBM Secretary Amenah Pangandaman, NEDA Secretary Arsenio Balisacan, and Bangko Sentral Deputy Governor Francisco Dakila conducted the Philippine Economic Briefing (PEB) in Dubai, UAE on September 12, 2023.
The PEB was the highlight of the high-level economic team’s mission to the Middle East as it also held official calls, meetings with public and private wealth funds and other events to drum up investments and promote economic relations between the Philippines and the UAE.
The Philippine Ambassador to Abu Dhabi Alfonso A. Ver’s office, in coordination with the Philippine Trade and Investment Center (PTIC) in Dubai assisted in organizing and coordinating the entire economic mission.
Around 100 senior executives of UAE-based funds and corporates, business group representatives, industry associations, the financial community, and public sector attended the briefing session.
The UAE senior executives attended the Philippine Economic Briefing (PEB). Leaders from the UAE Federation of Chambers of Commerce Inc (FCCI) as well as both the Abu Dhabi and Dubai Chambers of Commerce (ADCII and DCII), DP World and Masdar Clean Energy and various financial institutions also attended the briefing.
Ver said the Philippines’ keenness to attract investors is matched by the UAE’s business sector’s rapidly increasing interest to expand its presence in the Philippines.
Sukuk and Islamic financing, new priorities for the Philippine Bureau of Treasury, drew interest from UAE investors.
Diokno also called on UAE Minister of State for Finance Affairs H.E. Mohamed bin Hadi Alhussaini to discuss bilateral cooperation on finance matters including the ratification and implementation of the Investment Protection and Promotion Agreement (IPPA), among others.
He then met with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade,where the two ministers explored enhancement of trade and investment opportunities between the two countries, specially through the signing of the Comprehensive Economic Partnership Agreement (CEPA).
The Philippine Economic Team also met with officials of the National Bonds Corporation,Arqaam Capital, Maybank Islamic Berhad-Dubai, Investment Corporation of Dubai, ADQ, Millennium, Emirates NBD Asset Management, Azimut, Kuwait Financial House, Chimera Investments LLC, Abu Dhabi Investment Bank, and Waha Capital.
One of the highlights of the PH Economic Team’s visit was the ceremonial ringing of the bell at NASDAQ Dubai.