United Arab Emirates News

UAE and Philippines Forge Stronger Financial Ties in High-Level Meeting

The meeting between Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and the high-level delegation from the Republic of the Philippines took place at the Ministry of Finance’s Dubai office. This meeting was attended by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, along with several other officials from the Ministry.

The Philippine delegation, led by Dr. Benjamin Diokno, Secretary of Finance, included key figures from various departments, such as Amenah Pangandaman (Secretary of the Department 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).

The primary agenda of the meeting was to explore avenues for strengthening cooperation in financial and investment services between the UAE and the Philippines. Notably, the two nations are set to celebrate the 50th anniversary of their diplomatic relations in 2024, making this a significant milestone.

The bilateral relations between the two countries have seen substantial growth in recent years. This was marked by the signing of several memorandums of understanding, including an agreement in June 2022 aimed at enhancing mutual investments and safeguarding them from non-commercial risks. Additionally, talks were initiated in February 2022 for a Comprehensive Economic Partnership Agreement.

A key point of discussion was the augmentation of investment flows and identification of potential investment opportunities. The establishment of the Philippines’ inaugural sovereign wealth fund was highlighted as a particularly noteworthy development. Furthermore, both parties explored the exchange of financial solutions, with a focus on mechanisms that benefit both nations.

The delegation from the Philippines also introduced a notable initiative involving bonds for Overseas Filipino Workers, a program carried out in collaboration with the National Bonds Corporation. This initiative holds significance for the Filipino expatriate community and showcases efforts to provide them with beneficial financial options.

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