NEWS

By Kris Crismundo | Philippine News Agency | February 17, 2022 10:48AM

UAE VISIT. Trade Secretary Ramon Lopez meets with Minister of State Ahmed Ali al Sayegh (top) and Foreign Trade Minister Thani bin Ahmed Al Zeyoudi (bottom) of the United Arab Emirates in his official trip to the Middle East country. The Philippines and UAE aim to boost economic ties including investments in the Build Build Build program. (Photo courtesy of DTI)

MANILA – Construction companies in the United Arab Emirates (UAE) are “very interested” to participate in the ‘Build, Build, Build’ infrastructure program despite the term of President Rodrigo Duterte will end mid-2022.

In a radio interview on Wednesday evening, Department of Trade and Industry (DTI) Secretary Ramon Lopez said he is confident that the ‘Build, Build, Build’ program will be continued in the next administration, thus, foreign investors remain confident to invest in the construction industry.

“We told them that many presidentiables are saying that Build Build Build will be their platform also. That’s why they can expect that this program will continue as they have seen the success of the Build Build Build under the administration of President Duterte,” he added.

Lopez was in Dubai for an official trip as he graced the Philippines’ National Day at the Expo 2020 Dubai.

He also met with high-level officials from the UAE, where they have concluded agreements to further strengthen the economic ties between the two countries.

One of the results of the trip is the conclusion of the Investment Promotion and Protection Agreement (IPPA) to facilitate investment flow between the Philippines and UAE.

Lopez said that with the conclusion of the IPPA, the next step for the two countries will be the signing of the agreement.

The DTI chief added that through the IPPA, the Philippines aims to get a good share of investments from the Middle East country as it has a sovereign wealth fund of around USD1.3 trillion.

Source: Philippine News Agency