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Satyendra Pathak
Doha
Philippines will soon sign investment protection and promotion agreement (IPPA) with Qatar to secure bigger investment from the country, a top minister of Philippines has said.
Talking to Qatar Tribune on the sidelines of Philippines-Qatar Business Forum in Doha, Philippines Trade and Industry Secretary Ramon M Lopez said the agreement was aimed at facilitating Qatar's sovereign wealth fund to go ahead with its planned investment of over $1 billion in various economic sectors of Philippines.
"Philippines has emerged as one of the most important investment destinations in Southeast Asia under the new leadership of President Rodrigo Roa Duterte. Qatar has been planning to invest in Philippines for a long time. But it could not happen under the previous government," Lopez said.
With the signing of IPPA between the two countries, the minister said, Qatar's fund would be encouraged to carry on with its investment plans in Philippines.
According to reports, Qatar plans to explore investment opportunities in the Philippines in various sectors including natural resources, commodities, energy, agriculture and infrastructure.
Lopez also informed that 13 business-to-business agreements between Qatari and Philippines firms were signed on Saturday.
Under the agreements, Lopez said, Qatari firms would invest over $200 million in various economic sectors of Philippines ranging from health, infrastructure, defense, halal food, tourism and information technology (IT) to special economic zones.
Once investments under these 13 agreements are made, Lopez said, it would create more than 6,000 jobs in Philippines.
"The private firms in Qatar have shown great interest in various projects of Philippines. There are many more opportunities where they can invest. We are expected to sign many such agreements in the near future," Lopez noted.
Lopez said that talks with Qatar were also under way to sign energy deals to fulfill the growing demand for oil and gas in Philippines.
"Qatar is a reliable supplier of energy in the world. We also expect Qatar to secure our energy needs," Lopez said.
Economic Zone Authority Director General Charito B Plaza told Qatar Tribune that most of investments as part of the agreements would be made in special economic zone.
Plaza said that Qatar could invest plants for manufacturing jewellery, garments, consumer electronics, personal products and halal products.
She said that Qatari investors could also take part in the resurgent furniture industry of Philippines.
