PH signs ₱4.4 billion investment deals with Israel

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Metro Manila (CNN Philippines, September 5) — The country has signed $82.9 million or roughly ₱4.4 billion worth of investment deals from Israeli businesses in the wake of President Rodrigo Duterte's official visit to Israel.

In a statement, the Department of Trade and Industry (DTI) said the signed agreements, which were presented to Duterte on Tuesday, will help deepen ties with Israel. 

"The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners like Israel," Trade Secretary Ramon Lopez said.

"Our engagement with them allows us to reinvigorate ties and increase trade between our countries," he added.

The business deals consist of three memoranda of agreement (MOA), 11 memoranda of understanding (MOU), and seven letters of intent (LOI). The agreements cover different sectors such as real estate, agriculture and urban farming, housing, military and security operations, and development projects.

Lopez said the country can learn more about start-ups, which Israel is known for.

"Our strategy should emphasize the ingenuity and creativity of Filipinos, which will result to a synchronized Philippine information and technology roadmap," the DTI chief said.

Malacañang on Monday said the two countries had jointly signed memoranda on temporary employment of home-based Filipino caregivers, scientific cooperation, and promotion on bilateral direct investment.

Duterte left the country on Sunday for Israel. The trip is a first for a Filipino leader.

The President will head back to the Philippines on September 8 after his next visit to Jordan.