The Department of Trade and Industry (DTI) has formed a team that will look into the impact of the attacks in Israel on the Philippines’ trade and investment transactions with that country, according to Undersecretary Kim Lokin.
In a televised interview, Lokin said at this time, trade with Israel has not been affected as events continue to unfold in the Gaza Strip.
“These are all preliminary so we cannot say categorically if there is an impact on trade in goods and services,” Lokin said.
But she said DTI is in constant touch with its foreign counterparts to assess the situation.
Data from the Ministry of Economy and Industry of Israel, that country’s bilateral trade with the Philippines has increased in recent years with total volume in 2022 reaching $534 million, a 70 percent increase from 2021.
Israel enjoys a surplus with exports hitting $340 million, double the previous year.
The Philippines exports grew 39 percent last year to $193 million. The top exports to that country are machinery and electronic equipment, accounting for 83 percent of total. These include electronic integrated circuits, printing machinery, engine and motors, telephone sets, vacuum cleaners, and eater heaters.
Agriculture products and foodstuff (edible fruits and nuts mainly coconut), fruit juice, baked goods, tapioca and fish) followed with 6.1 percent; textile and footwear, an optical and medical. increase of trade in services between both countries.
Many of Israel high-tech services and software including cyber security and fintech are implemented in Philippines.
About 30,000 Filipinos are employed in Israel mainly as caregivers.
Israel investmens in the Philippines are in tourism, real-estate and agriculture projects, while Filipino corporations invest in Israeli start-ups and leading innovation.
As the holy land, Israel is positioned as an important tourism destination for Filipinos. For Israelis, the Philippines is a rising destination of tourism in Asia-Pacific
The Philippines and Israel also have mutual agreements promoting cooperation in various sectors the latest of which were in 2022 are the Investment Protection and Promotion Agreement and Economic Cooperation and Establishment of Joint Economic Committee.
