The country’s economic team reaffirmed the Philippines’ intent to commence and expeditiously conclude the negotiations of the Comprehensive Economic Partnership Agreement with the United Arab Emirates (UAE) as a means to deepen bilateral trade, investments and economic cooperation.
In a statement, the Department of Finance (DOF) said the Philippine delegation in the Middle East roadshow paid courtesy calls on UAE minister of state for foreign trade Thani bin Ahmed Al-Zeyoudi and UAE minister of state of financial affairs Mohamed Bin Hadi Al Hussaini.
According to the DOF, the ministers expressed UAE’s openness to forming trade alliances and investments globally despite geopolitical tensions and fragmentation.
Among the areas of interest are food security, agriculture and renewable energy (RE).
The economic team also met with leading global alternative investment management platform, Brevan Howard; specialist emerging markets financial services company, Arqaam Capital; and the Government of Dubai’s principal investment arm, Investment Corporation of Dubai.
The DOF said the companies expressed interest in the Philippines’ RE projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking and the Maharlika Investment Fund.
The economic team also had small group meetings with UAE-based funds to engage in in-depth discussions on the Philippine government’s plans to issue Sukuk bonds, its debut into the Islamic bond market, and other long-term investment opportunities.
They met with representatives from the world’s first full service Islamic Bank and one of the largest global Sukuk investors, Dubai Islamic Bank; the fourth largest Islamic bank globally by assets, Abu Dhabi Islamic Bank; global alternative investment management firm, Millennium Capital; one of the largest and longest established asset managers in the Middle East, Emirates NBD Asset Management; private investment firm, Chimera Investments LLC; the first and leading Islamic bank in the State of Kuwait, Kuwait Finance House; and one of the Emirate’s leading private sector investment houses, Waha Capital.
National Treasurer Rosalia de Leon said the issuance of the Sukuk bonds will diversify the Philippines’ sources of financing, widen its investor base to reach the untapped Islamic finance market, and boost investments in physical and digital connectivity.
Following a successful $3 billion multi-tranche offering in January 2023, the proposed Sukuk transaction, to be scheduled sometime in the fourth quarter of 2023, will partially fulfill the residual external commercial funding requirement for the year.
