Philippines, Israel eye closer economic ties

The growing economic partnership between the Philippines and Israel took center stage during a high-level gala dinner on 29 July attended by Israeli Minister of Economy and Industry Nir Barkat and Department of Trade and Industry (DTI) Secretary Cristina Roque.

Both officials expressed strong optimism in deepening bilateral trade relations, pushing forward a potential free trade agreement (FTA), and exploring new opportunities in tourism, investments, and innovation.

“We will define obstacles and opportunities, a classic SWOT between our two countries, and move ahead to a free trade agreement,” Minister Barkat said.

“Our goal is to decrease taxes to zero and enable more competitive trade. We're very complementary economies, and I believe we’re on the right track.”

Barkat highlighted the untapped tourism potential between the two countries, citing that only 14,000 Israelis visit the Philippines annually, compared to over 250,000 who go to Thailand. He emphasized that establishing a direct flight between the two nations would boost tourism and people-to-people ties.

“We want our youngsters to enjoy the Philippines. A direct flight will help us do that,” Barkat added. He also extended an invitation for Filipinos – especially Catholic pilgrims – to visit the Holy Land, sharing plans to revive ancient biblical sites like the Pool of Siloam in Jerusalem.

On her part, Secretary Roque reaffirmed the Philippine government’s commitment to facilitating stronger trade and investment flows from Israel.

“You can count on the DTI to get this thing done. We have three more years under the Marcos administration, and we want to make it count,” Roque said.

She pointed to the recently signed memorandum between both countries and expressed hope that the FTA discussions will begin soon.

“The President is very strong on foreign trade and investments – not just because of income, but because of the jobs they bring. He wants Filipino families to stay together and not have to seek work abroad,” she added.

Roque also noted growing trade in high-tech sectors, including measuring instruments and aircraft parts, as a clear sign of strengthening economic ties.

“This gala night is a true testament to the strong bonds we’ve forged and the bright future ahead,” she said.

Both sides agreed that sustained government cooperation and people-to-people engagement will pave the way for increased business activity and new opportunities in sectors like agri-tech, innovation, and manufacturing.