The Philippines and the United Arab Emirates signed an investment promotion and protection agreement this week to boost bilateral investments between the two countries, the Department of Foreign Affairs said.
The DFA, citing Trade Secretary Ramon Lopez Jr., said the landmark agreement would also bolster economic cooperation between the two countries. Philippine Ambassador to the UAE Hjayceelyn Quintana, who witnessed the signing, highlighted the timeliness of the IPPA as the two countries forge stronger relations, expanding the depth and breadth of cooperation across many areas including trade and investment.
“I am joined by my compatriots in the UAE in expressing our fervent hope that this IPPA will usher in an era of heightened investments as our two countries build confidence, creating a mutually favorable environment for investors of both sides,” she added.