WHILE some members of the Duterte Cabinet are just lazily coasting along, waiting for the boss’ term to end in June, three of them hied off to Dubai, United Arab Emirates to attend the 2022 Dubai Expo and promote Philippine products, services and investment opportunities, thus setting up the nation for a vigorous comeback coinciding with the end of the COVID-19 pandemic which is expected next year.
These workaholics in the Cabinet are Acting Secretary Roger G. Mercado of the Department of Public Works and Highways, Secretary Ramon Lopez of the Department of Trade and Industry, and Press Secretary Martin Andanar.
Most notable of their accomplishments in Dubai is the forging of $580.5-million investment commitments secured by the Philippine delegation. Two important trade and investment documents were signed with the UAE government. These are the Philippines-UAE Investment Promotion and Protection Agreement and the launch of negotiations for a future Comprehensive Economic Partnership Agreement (CEPA) between the Philippines and UAE.
‘The country’s active participation in international trade events like the 2022 Dubai Expo, along with our liberalization of public services, new laws… will set up the course for the nation’s full economic recovery from the pandemic.’
In his message at the Philippine National Day of the expo on Friday, Lopez reported several UAE companies have signified interest to explore business opportunities in the Philippines by signing letters of intent and memoranda of understanding for an estimated investment of $580.5 million (P29 billion). Lopez said these would generate 3,920 employment opportunities in the Philippines.
Meanwhile, Secretary Mercado showcased the Philippines’ massive infrastructure development that attained momentum under President Rodrigo Duterte. He encouraged the UAE government and business leaders to explore possible points of investment collaboration on the Build Build Build infrastructure program that will further strengthen the Philippines-United Arab Emirates bilateral relations. Mercado also met with Filipino architects now based in Dubai, exhorting them to continue giving pride to the Philippines by exhibiting competence and excellence in the design and discovery of new materials for buildings and structures.
The Philippines is an active participant in the World Expo 2020 hosted by Dubai, UAE through the pavilion named Bangkóta, the ancient term for “coral reef,” that presents contemporary expressions in architecture, art, and design that link the deep past with the future of connectivity for the Filipino.
We note that the comprehensive accords on bilateral investments give more protection for UAE investments into the Philippines and vice versa. It accords national treatment, most-favored nation treatment, freedom from expropriation, transfers, access to investor-state dispute settlement mechanism, among others.
The country’s active participation in international trade events like the 2022 Dubai Expo, along with our liberalization of public services, new laws on retail trade, foreign investments, taxation and incentives, will set up the course for the nation’s full economic recovery from the pandemic.