DOF taps Israel for technology, construction sectors

FINANCE Secretary Carlos Dominguez 3rd invited Israel to explore possible partnerships with the Philippines in the technology and construction sectors to enhance the government’s capability in implementing big-ticket infrastructure projects under the “Build, Build, Build” program and applying digital innovations to expand the financial access of unbanked Filipinos.

During a recent meeting with Israeli Ambassador Rafael Harpaz, Dominguez also welcomed Israel’s proposal to establish a financial protocol with the Philippines to promote bilateral trade and investments.

Recognizing Israel’s status as one of the world’s most active hubs of technology innovation and “green” or eco-friendly construction, Dominguez said the Philippines can learn much from Israel’s expertise in these fields to ensure that the “Build, Build, Build” program is implemented efficiently by optimizing the use of labor and other resources.

“There are ample opportunities for bilateral cooperation between the Philippines and Israel in the technology and construction sectors. We have invited Israeli experts in these fields to visit the Philippines to explore possible cooperation arrangements,” Dominguez said.

Undersecretary Mark Dennis Joven, who heads the International Finance Group (IFG) of the Department of Finance (DOF), was tasked to coordinate with the Israeli Embassy on these matters, Dominguez added.

Dominguez said he has also asked Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier to meet with Israeli officials to discuss ways of tapping Israel’s technological innovations in cybersecurity, as the Philippines increasingly uses electronic payments systems to facilitate trade and expand the financial access of unbanked Filipinos.

Ambassador Harpaz, for his part, welcomed Dominguez’s proposals and offered Israel’s assistance in improving the Philippines’ capacity to utilize “green” technologies in implementing infrastructure projects as well as digital solutions to improve BSP’s cybersecurity system.

He also cited the need to establish a financial protocol with the Philippines, especially now that at least 10 Israeli companies have expressed interest in investing in New Clark City in Pampanga, which is being showcased by the Duterte administration as the country’s first smart and green metropolis.

“It is something we can look into,” Harpaz said during the meeting, as he pointed out that Israel has already concluded and signed financial protocols with some countries in the region.

Total bilateral trade between the Philippines and Israel amounted to $170.57 million in 2018.

Israel ranked 42nd among the markets for Philippine exports in 2018, with electrical machinery and equipment, commodities, preparations of meat, fish crustaceans, nuclear reactors, and medical instruments making up 71 percent of the goods exported to that country. The Philippines, in turn, had imported mostly electrical machinery, nuclear machinery, arms/ammunitions and fertilizers from Israel.

The two countries signed these three agreements during President Duterte’s state visit to Israel in September last year: the Memorandum of Agreement on the temporary employment of homebased Filipino caregivers; Memorandum of Understanding on scientific cooperation; and Memorandum of Intent on the collaboration on promotion of bilateral direct investments.