UAE-Philippines Strengthen Ties To Thrive Financial and Investment Services


In the presence of Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, and a number of Ministry officials, 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.

Dr. Benjamin Diokno, Secretary of Finance, Amenah Pangandaman, Secretary 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 led the delegation.

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, as per wam.

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

Both sides discussed methods to improve investment flows and future investment opportunities, particularly with the development of the Philippines' first sovereign wealth fund, as well as the exchange of financial solutions between the two countries' bodies. The Philippine delegation also proposed bonds for Overseas Filipino Workers, which were announced in collaboration with the National Bonds Corporation.

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