Mohamed Al Husseini with a high-level delegation from the Republic of the Philippines.
Mohamed Bin Hadi Al Husseini, Minister of State for Monetary Affairs, acquired a high-level delegation from the Republic of the Philippines on the Ministry of Finance workplace in Dubai, within the presence of Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and a variety of ministry officers.
The delegation included Dr. Benjamin Diokno, Secretary of Finance, Amenah Pangandaman, Secretary of the Division of Price range and Administration, Dr. Arsenio Balisacan, Secretary of the Division of Price range and Administration, The Financial institution of the Philippines, Nationwide Treasurer, and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE.
The assembly mentioned strengthening cooperation in monetary and funding providers between the 2 international locations, which is able to rejoice the fiftieth anniversary of diplomatic ties between them in 2024. Bilateral relations peaked in 2021 and 2022, following the signing of a sequence of memoranda of understanding, together with the settlement to advertise mutual investments and defend them in opposition to non-commercial dangers in June 2022, and the beginning of talks on the Complete Financial Partnership Settlement in February 2022.
Either side mentioned methods to extend funding flows and potential funding alternatives, particularly with the institution of the Philippines’ first-ever sovereign wealth fund, in addition to the trade of monetary options between the companies representing the 2 international locations. The delegation from the Philippines additionally launched the bonds for abroad Filipino employees introduced in partnership with the Nationwide Bonds Company and coordinated by the Central Financial institution of the Philippines with a bunch of worldwide banks together with Dubai Islamic Financial institution.
The delegation’s go to to the UAE is a part of a worldwide tour of the USA of America, the UK, Canada and Singapore.
Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for International Commerce, just lately acquired a high-level delegation from the Philippines on the Ministry of Economic system headquarters in Dubai.
The delegation included Benjamin Diokno, Minister of Finance; Amena Pangandaman, Minister of Price range and Administration; Arsenio Balisacan, Secretary of the Nationwide Financial and Growth Authority; Francisco G. Dakila, Jr., Deputy Governor of the Central Financial institution of the Philippines; Rosalia V. de Leon, Nationwide Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, amongst a number of officers.
Through the assembly, the 2 sides mentioned alternatives to boost commerce and funding ties, highlighting the newest updates to the Complete Financial Partnership Settlement (CEPA) between the 2 international locations, which started after the 2 sides introduced the beginning of the talks had introduced, the goal being to extend funding flows, facilitate intra-trade and create new enterprise alternatives within the two international locations.
Additionally they reviewed developments on boosting bilateral ties and methods to develop joint financial initiatives in sectors of mutual curiosity, equivalent to clear vitality, synthetic intelligence, transportation and logistics, in addition to monetary and banking providers.
The 2 sides targeted on the significance of joint work by way of the non-public sector by making the most of the chambers of commerce and business within the two international locations, in addition to joint and native enterprise councils.
Intra commerce between the UAE and the Philippines, excluding oil, continued to thrive within the first half of 2023, reaching US$506.1 million, up 19.4 p.c in comparison with the identical interval in 2022, whereas intra-trade between the UAE and the Philippines oil merchandise totaled greater than 19.4 p.c in 2022. $1.850 billion, up from $830.3 million and $715.6 million in 2021 and 2020, respectively.