Pact seen doubling investments next year
The PH-UAE IPPA is a modern, business-friendly, and comprehensive agreement that involves investment protection and facilitation and features continued cooperation between both countries
Photo courtesy of DTI
Daily TribuneThe PH-UAE IPPA is a modern, business-friendly, and comprehensive agreement that involves investment protection and facilitation and features continued cooperation between both countries
Photo courtesy of DTI
The Board of Investments said capital infusions from the United Arab Emirates could double next year with the recent ratification of an investment promotion agreement between the UAE and the Philippines.
"The IPPA would already significantly increase the investments coming from the UAE. We can see that maybe by next year, we would see the investments from UAE doubling," BoI managing head, Undersecretary Ceferino Rodolfo said in a briefing.
President Ferdinand "Bongbong" Marcos Jr. on 29 November 2023 ratified the Philippines-UAE Investment Promotion and Reciprocal Protection of Investments Agreement or PH-UAE IPPA.
The agreement was signed on 09 June 2022 in Dubai.
Trade Secretary Alfredo Pascual highlighted that the investment deal is a step further in boosting the economic cooperation between the two countries and will complement the proposed comprehensive economic partnership agreement with the UAE, for which negotiations are expected to start soon.
Comprehensive deal
"The PH-UAE IPPA is a modern, business-friendly, and comprehensive agreement that involves investment protection and facilitation and features continued cooperation between both countries. I look forward to the implementation of the Agreement, especially as both sides are exploring other possible investments and cooperation in areas like renewable energy, research and development, and skills development," Pascual stated.