PHL to lure more foreign investments with easing of 60-40 ownership rule — Israeli biz group

The Philippines can attract more foreign investments if the government can ease its 60-40 rule on foreign ownership, said Israel Chamber of Commerce of the Philippines (ICCP) President Itamar Gero.

In an interview with the Philippines News Agency, Gero mentioned that Israeli businesses are eyeing Asian markets, but most of Israeli investors are going to Vietnam and other countries with more relax rules on foreign ownership.

"We see that they (Israeli investors) are going to Vietnam, they are going to neighboring countries -- Taiwan and China. And we need to put Philippines in the map," said Gero.

"There is some room to relax the foreign investment rulings. Once you do it, I think you open the Philippines to a lot more of foreign investors that would find it a lucrative destination," he added.

He mentioned that among the interests of Israeli investors in the Philippines are in sectors of agriculture, agri-technology, infrastructure, manufacturing, and innovation, among others.

Gero noted that the Philippines can be a hub for Israeli businesses that produce defense equipment and high-end semiconductors, adopting the technology of Israel.

In a previous interview, Israeli Ambassador to the Philippines Effie Ben Matityau said the country's agriculture department wants closer cooperation with Israel's dairy farming and production sector.

"We are looking at dairy farming and dairy production as area of cooperation with the Philippines," Matityau said.

The envoy noted that the current administration's focus on agriculture sector will push for closer ties between the Philippines and Israel.

Moreover, ICCP's Gero said that the Department of Trade and Industry (DTI) eyes to set a trade mission in Israel next year to explore further cooperation between Manila and Jerusalem.

Source: Philippines News Agency

Related posts