Duterte’s ME visit yields $925-M investments

MANILA, Philippines - President Duterte’s visit to the Middle East over the past week has yielded total investments worth $925 million, which is expected to generate 26,000 new jobs for Filipinos, the country’s trade chief said.

Apart from the investment commitments, the Philippines is also set to sign an Investment Promotion and Protection Agreement (IPPA) with Qatar to facilitate a $1 billion investment facility from Qatar’s sovereign wealth fund which will be used for developmental projects such as agriculture and infrastructure projects in Mindanao.

“On the IPPA we will sign with Qatar, it will basically provide internationally recognized investors rights and safeguards,” Trade Secretary Ramon Lopez, who was part of the President’s delegation, said in a mobile message yesterday.

“Qatar investors will not be disadvantaged and it will facilitate identification of opportunities and entry of investments,” he added.

All in all, Lopez said the Middle East visit allowed the country to enhance bilateral cooperation with Saudi Arabia, Bahrain, and Qatar through more trade and investments.

The biggest amount of investment commitments signed came from Saudi Arabia at a total value of $469 million.

The seven projects are in the fields of pharmaceutics, property development, medical tourism, ports and warehouses, fine dining chains, agri-industrial economic zones, and Halal food processing zones.

In Bahrain, a $250 million memorandum of understanding has been signed for the expansion of a 500-hectare banana plantation in Sarangani.

A total of 13 projects, meanwhile, were signed in Qatar for the total amount of $206 million.