The Philippines has secured $82.9 million in investments from President Rodrigo Duterte’s historic trip to Israel, Trade Secretary Ramon Lopez said on Wednesday.
Filipino and Israeli businessmen signed three memoranda of agreement (MoA), 11 memoranda of understanding (MoU), and seven letters of intent during a forum with Duterte in Jerusalem on Tuesday.
The deals and intent letters, which are expected to generate 790 new job opportunities for Filipinos, cover investments in technology, military hardware, transportation and tourism.
In his speech during the signing of the agreements, Duterte reiterated his administration’s commitment to bring about reforms to make the country more suitable for business.
“I know that you are for the return of your investments and if you do not dream of profits, then do not go into business. And that I said they are making profits,” he said.
“So my guarantee really is my word. And if you go there, if you want a comfortable, maybe beginning, just tell me. I will husband it, your project, whatever it is. There will be no corruption. There will be no harassments, no nothing. It’s an ordinary day-to-day government business that you have to follow. And if you can do that and if you go there, tell me,” the President added.
The memoranda of agreement were signed by Century Properties Inc. and Globe Invest Ltd, which seek to enter into a joint venture on energy optimization, advanced agriculture and urban farming, prefabricated housing, water desalination and other real estate projects; Stone of David Corp. and Gaia Automotive Industries Ltd., which aim to cooperate on the marketing and promotion of tactical vehicles; and Stone of David Corp. and MCTECH RF Technologies Ltd., which intend to collaborate on military and intelligence products and hardware.
The memoranda of understanding were signed by Century Pacific Food Inc. and Kvuzat Yavne for the distribution of canned tuna products for the Century brands within Israel and the Palestinian territories; and Integrated Computer Systems Inc. and Verint Systems Ltd., which seek to explore opportunities for collaboration on security, intelligence data mining and information technology.
The Philippine Center For Entrepreneurship Foundation-Go Negosyo and the Israel-Philippines Chamber of Commerce/Israel Chamber of Commerce of the Philippines also struck an MoU for the establishment of a partnership to jointly develop and undertake programs, projects and advocacy initiatives related to the Mentor Me Program.
The Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Israeli Chambers of Commerce, meanwhile, signed an MoU for an exchange of information about commerce, industry market updates and identification of business and trade opportunities.
The PCCI also signed an MoU with National Capital Region and Jerusalem Chamber of Commerce for the promotion and strengthening of trade, economic, scientific and technological cooperation.