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    Monday, April 10, 2017

    Philippines secures $500-million investment pledges from the Middle East ahead of Duterte visit

    Philippine Economic Zone Authority (PEZA) Director General Charito Plaza recently announced that the Philippines has secured $500 million worth of investment pledges from Middle East countries ahead of President Rodrigo Duterte's visit.

    “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,” stated the PEZA Director General.

    Per Plaza, most of the investments will be placed in Mindanao.

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

    President Duterte will be visiting Saudi Arabia, Qatar and Bahrain during the Holy Week in his bid to boost economic relations and secure better working conditions for Filipinos working in the said Middle East countries.

    The PEZA Director General also stated that due to Duterte's popularity with the Middle East investors, it would not be a surprise if there would be an additional investment pledges that would come on top of the $500-million.

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


    Video Credits: News5Everywhere

    Meanwhile, according to Trade Secretary Ramon Lopez, the Philippines through President Duterte will also work in enhancing trade and investment cooperation during the president's Middle East visit.

    Source: Philippine Star
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