DEPARTMENT of Commerce and Industry (DTI) secretary Alfredo Pascual said there are many investment opportunities for business partners in Israel.
Secretary of Commerce Alfredo Pascual. PHOTO CONTRIBUTIONS
Speaking at the 26th general meeting of members of the Israeli Philippine Chamber of Commerce, Pascual said Israeli investors continue to find the Philippines a suitable investment destination.
“Through similar initiatives, Israel – which is at the forefront of innovation capacity – and the Philippines – a developing country that has made innovation a national priority – can explore strengthening their collaboration to pave the way for technologies and revolutionary products, “said Pascual.
He also said that the opportunity for Israel and the Philippines to work together lies in DTI’s strategic priority to reconfigure Philippine export sectors into industrial clusters and position the manufacturing sector in areas where the Philippines has strategic advantages.
“The DTI reconfigures its export sector to prioritize industrial sectors in three clusters: Industrial, Manufacturing and Transportation (IMT) Cluster; Technology, Media and Telecommunications (TMT) Cluster and Health and Life Sciences Cluster (HLS) ) “, he explained.
Pascual said the IMT cluster offers the Philippines opportunities to upgrade in the aerospace, automotive and semiconductor industries. Israel can work together here to help expand and develop the IMT cluster.
In the TMT cluster, it will provide the Philippines with opportunities from the digitization of services. This refers to data centers, business process outsourcing (BPO), hyperscalers and other things related to digitization.
The HLS cluster, which plays a strategic security role due to the recent effects of the pandemic, is another priority that Israeli businessmen should look into. Pascual pointed out that none other than President Ferdinand “Bongbong” Marcos Jr. has made developing health and life sciences a personal priority in order to provide Filipinos with the best healthcare under PhilHealth.
Pascual said the DTI will implement measures to promote greater investment and competition in logistics and connectivity services to ensure smooth transactions for investors.
“To conclude, our roadmap to economic transformation is characterized by an understanding of the need to be responsive to business opportunities and a desire to let science, technology and innovation drive our growth. We strengthen collaboration between Philippine companies and Israelis I assure you we can make it happen in the Philippines, “he said.