UAE and Philippines Enhance Relations with Talks on Financial and Investment Ties
In a significant move towards deepening financial and investment ties, Mohamed Hadi Al Hussaini, the Minister of State for Financial Affairs, hosted a distinguished delegation from the Republic of the Philippines at the Ministry of Finance's Dubai office. The meeting was attended by Younis Haji Al Khoori, the Under-Secretary of the Ministry of Finance, and several Ministry officials.
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The visiting delegation was comprised of eminent members, including Dr. Benjamin Diokno, the Secretary of Finance, Amenah Pangandaman, the Secretary of the Department of Budget and Management, Dr. Arsenio Balisacan, the Secretary of the National Economic and Development Authority, Dr. Francisco G. Dakila, Jr., the Deputy Governor of the Central Bank of the Philippines, Rosalia V. de Leon, the National Treasurer, and Alfonso Ferdinand A. Ver, the Ambassador of the Philippines to the UAE.
The primary focus of the meeting was to fortify cooperation in financial and investment services between the two nations. It is noteworthy that the UAE and the Philippines are poised to celebrate the 50th anniversary of their diplomatic relations in 2024.
The year 2021 and 2022 witnessed an upswing in bilateral relations, marked by the signing of several memorandums of understanding. These included agreements to bolster mutual investments and protect them from non-commercial risks in June 2022. Additionally, negotiations commenced on the Comprehensive Economic Partnership Agreement in February 2022.
The discussions encompassed strategies for enhancing investment inflows and identifying potential investment prospects. Of particular significance is the establishment of the Philippines' inaugural sovereign wealth fund, which opens up fresh avenues for investment collaboration.
Moreover, the delegation from the Philippines introduced a noteworthy initiative involving bonds for Overseas Filipino Workers, in collaboration with the National Bonds Corporation. This initiative aligns with the broader objective of further solidifying financial and economic ties between the two nations.
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By: Vibha Kapoor
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