21 November 2019 - 23 Heshvan 5780 - כ"ג חשון ה' אלפים תש"פ
Israel and the Philippines eyeing joint financial protocols E-mail

According to local media reports in the Philippines, the government of Israel is proposing to establish a financial protocol with the Philippines to streamline the exchange of information on trade and investments between the two countries.

In a statement last month, the Department of Finance (DOF) in the Philippines said that during a meeting with Finance Secretary Carlos Dominguez III, Israel’s Ambassador to the Philippines Rafael Harpaz proposed the establishment of a financial protocol with Manila to promote bilateral trade and investments.

Harpaz underscored the need for a financial protocol as at least 10 Israeli companies have expressed interest in investing in New Clark City in Pampanga, which is being showcased by the Duterte administration as the country’s first smart and green metropolis, according to the DOF.

“It is something we can look into,” the Israeli envoy was quoted by the DOF as saying. The envoy also pointed out that Israel has already concluded and signed financial protocols with some other countries in the region.

Dominguez welcomed Harpaz’s proposal and tasked Finance Undersecretary Mark Dennis Joven, who heads the International Finance Group of the DOF, to co-ordinate with the Israeli Embassy on the matter.

The Finance chief also said that the Philippines and Israel can explore possible partnerships in the technology and construction sectors.

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