The Department of Finance, or DoF, on Wednesday said United Arab Emirates or UAE-based firms are keen on exploring investments in a range of industries in the Philippines, including food, water management, renewable energy, and Islamic banking.

DoF said the economic team talked to executives of Brevan Howard, a technology-driven investment management platform; Arqaam Capital, a financial firm for emerging markets; and Investment Corporation of Dubai, the Dubai Government's principal investment arm for the possible foreign investments.

"The companies expressed interest in the Philippines' renewable energy projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking, and the Maharlika Investment Fund," DoF said in a statement to the media.

Middle East roadshow

Investment and trade discussions surfaced during the Philippine economic team's investor briefing in the UAE, a seven-state federation, from 11 to 12 September.

The finance department said the possible foreign investments affirm the need for the Comprehensive Economic Partnership Agreement or CEPA with the UAE aimed at easing and expanding trade between the two countries.

DoF said the UAE Government and the Philippines have already signed an agreement for investment protection and collaboration as part of the ongoing negotiations over CEPA. It added the UAE will soon submit to the Philippines its template for the final document on CEPA.

President Ferdinand Marcos Jr. said he aims to adopt foreign water technologies, such as hydroelectric power plants, irrigation canals, and diversion dams to store and distribute more water for households, commercial establishments, and farm irrigation amid the threats of climate change.

Food exports to Dubai usually include pineapples, bananas, and fresh and processed fish amounting to over $30 million.

For renewable energy, the Department of Energy aims to generate power capacity of at least 20,000 megawatts through a mix of sources, such as the sun, wind and geothermal.

Meanwhile, National Treasurer Rosalia de Leon said the Philippines is entering the Islamic debt market by issuing Sukuk bonds, or Islamic bonds, in the fourth quarter this year or early next year to raise $1 billion.

"Sukuk bonds will diversify the Philippines' sources of financing, widen its investor base to reach the untapped Islamic finance market, and boost investments in physical and digital connectivity," she said.

The Islamic bonds offer investors a share of profits from projects financed by the debt instrument instead of interest payments from traditional bonds.

The government aims to raise $5 billion from commercial borrowing and already acquired $3 billion in January.