UAE-Philippines strengthen ties, ministers discuss financial, investment relations

Bilateral relations peaked in 2021 and 2022, after the signing of a series of MoUs, including the agreement to boost mutual investments

By WAM

Published: Wed 20 Sep 2023, 5:57 PM

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, received a high-level delegation from the Republic of the Philippines at the Ministry of Finance's Dubai office, in the presence of Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, and a number of Ministry's officials.

The delegation included Dr Benjamin Diokno, Secretary of Finance, 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 meeting discussed strengthening cooperation in financial and investment services between the two countries who will celebrate the 50th anniversary of diplomatic relations between them in 2024.

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Bilateral relations peaked in 2021 and 2022, after the signing of a series of memorandums of understanding, including the agreement to boost mutual investments and protect them from non-commercial risks in June 2022, and the beginning of talks on the Comprehensive Economic Partnership Agreement in February 2022.

Both parties discussed ways to enhance investment flows and potential investment opportunities, especially with the establishment of the Philippines' first-ever sovereign wealth fund, as well as the exchange of financial solutions between the bodies representing the two countries. The delegation from the Philippines also introduced the bonds for Overseas Filipino Workers that were announced in cooperation with the National Bonds Corporation.

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