THE Department of Finance (DOF) has reported that Israel is looking to establish a financial protocol measure with the Philippines, as some companies from Israel have expressed interest in investing in the New Clark City.
Finance Secretary Carlos G. Dominguez III has welcomed Israel’s proposal to establish a financial protocol with the Philippines to promote bilateral trade and investments, as discussed in a recent meeting with Israeli Ambassador Rafael Harpaz, the DOF said in a statement on Tuesday.
Harpaz cited the need to establish a financial protocol with the Philippines, especially now that at least 10 Israeli companies have expressed interest in investing in New Clark City in Pampanga, which is being showcased by the Duterte administration as the country’s first smart and green metropolis.
“It is something we can look into,” Harpaz said.
He also pointed out that Israel has already concluded and signed financial protocols with some countries in the region.
The Philippine government has invited Israel to explore partnerships in line with the technologyand construction sectors of the country to enhance the government’s capability in implementing big-ticket infrastructure projects under the “Build, Build, Build” (BBB) program, as well as applying digital innovations to expand the financial access of unbanked Filipinos.
Green tech, digital solutions
Harpaz welcomed Dominguez’s proposals and offered Israel’s assistance in improving the Philippines’s capacity to utilize green technologies in implementing infrastructure projects, as well as digital solutions to improve the Bangko Sentral ng Pilipinas’s (BSP’s) cyber security system.
“There are ample opportunities for bilateral cooperation between the Philippines and Israel in the technology and construction sectors. We have invited Israeli experts in these fields to visit the Philippines to explore possible cooperation arrangements,” Dominguez said.
Recognizing Israel’s status as one of the world’s most active hubs of technology innovation and green or eco-friendly construction, Dominguez said the Philippines can learn much from Israel’s expertise in these fields to ensure that the BBB program is implemented efficiently by optimizing the use of labor and other resources.
Dominguez said he has also asked BSP Deputy Governor Chuchi G. Fonacier to meet with Israeli officials to discuss ways of tapping Israel’s technological innovations in cyber security, as the Philippines increasingly uses electronic payments systems to facilitate trade and expand the financial access of unbanked Filipinos.
Total bilateral trade between the Philippines and Israel amounted to $170.57 million in 2018.
In September 2018, the two countries signed these three agreements during President Duterte’s state visit to Israel: the memorandum of agreement on the temporary employment of home-based Filipino caregivers; memorandum of understanding on scientific cooperation; and memorandum of intent on the collaboration on promotion of bilateral direct investments.
Image credits: Artist’s Perspective courtesy of BCDA