Qatar and the Philippines will sign today an investment protection and promotion agreement to encourage more investment flows between the two countries.
After negotiations were stalled in 2009, the signing of the “agreement on reciprocal promotion and protection of investments” between Qatar and the Philippines was finalised yesterday, according to Department of Trade and Industry Secretary Ramon M Lopez.
Lopez said he and HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani would sign the agreement today in the presence of HH the Emir Sheikh Tamim bin Hamad al-Thani and Philippine President Rodrigo R Duterte.
“The agreement will basically give more comfort level for any Qatari investor that wants to invest in the Philippines. They now know that the Philippines will be providing ample protection to their investments,” Lopez told Gulf Times yesterday.
He added: “The discussion started sometime in 2009 and I think there were efforts to finalise negotiations but unfortunately they could not settle some of the remaining issues that fortunately, we were able to iron out this time.”
But Lopez noted that “even without the agreement”, the Philippine government has been providing “all the usual guarantees and remittances, repatriation of capital, investments and profit”.
Speaking to investors from Qatar and the UAE, Lopez said Duterte has given his personal guarantee and assurance to protect foreign direct investments.
“In fact, he is giving his personal guarantee to protect your investment from corruption and from any form of extortion,” said Lopez, who witnessed the signing of 13 letters of intent worth QR206mn in committed investments between Philippine Economic Zone Authority director-general Charito B Plaza and investors from Qatar and the UAE.
Duterte attended an investment forum organised by Qatar Chamber yesterday afternoon, where he assured Qatari investors that his government “will honour” its contracts and obligations with foreign countries.
Duterte addressing the investment forum organised by Qatar Chamber.
