Manila inks tech, business links with Israel

Israel and the Philippines look to cooperate in the areas of construction, food, technology and allied industries as a boost to the ongoing “Build, Build, Build” program, the Department of Finance (DoF) said on Tuesday.

This was learned from Finance Secretary Carlos Dominguez III who formally asked the Jewish state to ramp up cooperation not just in the technology space but even in the financial sector as well.

Within meeting, Israeli Ambassador Rafael Harpaz, Dominguez welcomed Israel’s proposal promoting bilateral trade and investment links with the country.

According to Dominguez, the Philippines can learn much from Israel given its status as one of the world’s most active in the technological and innovation space and in green or ecology-friendly construction methods.

“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,” he said.

Israeli Ambassador Rafael Harpaz highlighted the necessity to build financial links with the country as there are at least 10 Israeli firms eyeing investments in the New Clark City, one of the flagship projects under the “Build, Build, Build” program of the Duterte administration.

“It is something we can look into,” Harpaz said as he welcomed Dominguez’s proposal. He offered Israel’s support in advancing the country’s green technology sector.

Israel ranked 42nd among the markets for Philippine exports in 2018, with electrical machinery and equipment, commodities, preparations of meat, fish crustaceans, nuclear reactors and medical instruments making up 71 percent of the goods exported to that country. The Philippines, in turn, had imported mostly electrical machinery, arms/ammunitions and fertilizers from Israel.

The two countries signed three agreements during President Duterte’s state visit to Israel in September last year: the agreement on the temporary employment of home-based Filipino caregivers; another on scientific cooperation; and one more on the promotion of bilateral direct investments.