MANILA-- President Rodrigo Duterte's visit to the Middle East has also bagged a USD1-billion sovereign investment fund from Qatar, Trade Secretary Ramon Lopez said Monday.
In a text message, Lopez said Qatar and the Philippines signed Sunday morning the Investment Protection and Promotion Agreement (IPPA) to facilitate the USD1 billion investment of the Qatari government in the country.
The trade chief mentioned that the investments will be for developmental projects in Mindanao, particularly in areas of agriculture and infrastructure.
The IPPA will also identify other investment opportunities here.
Basically, (it) provides internationally recognized investor rights and safeguards. Qatar investors will be (treated) fairly and will not be disadvantaged, added Lopez.
The IPPA with USD1-billion investments from Qatar is on top of the USD925 million investment prospects signed during the Middle East visit of President Duterte last week.
The Chief Executive's Middle East trip, along with other government officials including Lopez, were held in Saudi Arabia, Bahrain, and Qatar.
Source: Philippines News Agency