• Phl secures $500-M investment commitments from Middle East

The Philippines has secured $500 million worth of investment pledges from Middle East countries ahead of President Duterte’s visit there next week.

“During our Middle East visit we were able to gather $500 million investment pledges that will be signed as an MOU (memorandum of understanding) when the President visits the Middle East,” PEZA director general Charito Plaza said.

She said most of these investments will be placed in Mindanao.

Duterte plans to visit three Middle East countries — Saudi Arabia, Qatar and Bahrain — during the Holy Week in his bid to boost economic relations and secure better working conditions for Filipino workers.

Plaza said she and her team in PEZA will go in advance to the Middle East to prepare the MOU signing.

“So when the President goes, he will just have to witness (the signing),” Plaza said.

“They are more interested in agriculture so they will invest in the agro-industrial economic zones and the halal hubs and production zones,” she added.

Plaza said it would not be a surprise if there will be additional investment pledges that will come in on top of the $500-million, given Duterte’s popularity with Middle East investors.

“Most of the Arab investors are fans of President Duterte because he is tough, because of his integrity and good governance,” Plaza said.

Aside from securing better working conditions for Filipino workers, the Philippines will also work in enhancing trade and investment cooperation with the Middle East during the presidential visit, according to Trade Secretary Ramon Lopez.

Lopez, who will join the President in his Middle East visit, said they will be accompanied by a private sector delegation composed of a little over 60 businessmen.