THE government is looking to tap Israeli technology to boost its infrastructure program and upgrade cybersecurity, the Department of Finance (DoF) said.
Finance Secretary Carlos G. Dominguez III met with Israeli Ambassador Rafael Harpaz, where they discussed putting up a “financial protocol” that would allow the two nations to share notes and strategies on eco-friendly construction.
“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,” Mr. Dominguez was quoted as saying in a statement.
For his part, Mr. Harpaz said he was open to deepening economic ties with the Philippines, given that more Israeli companies have expressed interest in investing in the New Clark City in Pampanga, an emerging business hub in Northern Luzon.
These discussions stem from President Rodrigo R. Duterte’s visit to Jerusalem in September 2018, which reportedly yielded 21 business deals worth roughly $82.9 million.
Previously, the DoF said it is looking to tap Israel’s expertise in agriculture. The government also wanted to set up an exchange program to enhance the skills of DoF officials in finance and economics.
Total trade between the Philippines and Israel hit $170.57 million in 2018, the DoF said, with Israel the 42nd biggest destination for Philippine exports that year.
Mr. Dominguez also pressed Israel to share strategies for cyber security with the Bangko Sentral ng Pilipinas, at a time of increased use of digital solutions for financial transactions. Israel has emerged as among the global leaders for financial technology. — Melissa Luz T. Lopez
