UAE and Philippines Strengthen Financial and Investment Ties
In a bid to fortify their financial and investment relations, the United Arab Emirates (UAE) and the Republic of the Philippines convened high-level discussions. The meeting, hosted at the Ministry of Finance's Dubai office, was presided over by Mohamed Bin Hadi Al Husseini, Minister of State for Financial Affairs, and witnessed the participation of Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, alongside other key officials from the Ministry.
The Philippine delegation, led by Dr. Benjamin Diokno, Secretary of Finance, included prominent figures such as Amenah Pangandaman, Secretary of the Department of Budget and Management; Dr. Arsenio Balisacan, Secretary of the National Economic and Development Authority; Dr. Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines; Rosalia V. de Leon, National Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE.
The primary focus of the discussions was the reinforcement of financial and investment cooperation between the two nations, especially as they approach the commemoration of the 50th anniversary of diplomatic relations in 2024. Notable milestones in their bilateral relations occurred in 2021 and 2022 when they inked a series of memorandums of understanding, including an agreement to enhance mutual investments and safeguard them against non-commercial risks in June 2022. Talks also began on the Comprehensive Economic Partnership Agreement in February 2022.
Key points of conversation revolved around strategies to augment investment inflows and identify potential investment prospects. Notably, the Philippines recently established its first-ever sovereign wealth fund, and the delegation discussed opportunities for financial collaboration, including the introduction of bonds for Overseas Filipino Workers in partnership with the National Bonds Corporation, facilitated by the Central Bank of the Philippines and various international banks, including the Dubai Islamic Bank.
This visit to the UAE is part of a global tour for the Philippine delegation, which includes stops in the United States of America, the United Kingdom, Canada, and Singapore, underscoring the importance of these diplomatic and economic engagements.
Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, also welcomed a high-level Philippine delegation at the Ministry of Economy's Dubai headquarters. The discussions centered on advancing trade and investment relations, with a particular emphasis on updates regarding the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which aims to enhance investment flows, ease intra-trade activities, and create fresh business opportunities.
Moreover, the discussions touched on collaborative efforts across sectors of mutual interest, including clean energy, artificial intelligence, transportation and logistics, and financial and banking services. Both sides underscored the significance of private sector collaboration, leveraging the chambers of commerce and industry in both nations, as well as joint and local business councils.
In economic terms, non-oil intra-trade between the UAE and the Philippines continued to flourish, recording $506.1 million in the first half of 2023, marking a 19.4 percent increase compared to the same period in 2022. In 2022, intra-non-oil trade between the two nations surpassed $1.850 billion, demonstrating significant growth compared to previous years, further solidifying their robust economic ties.
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