Mohamed Al Husseini Discusses Strengthening Financial and Investment Relations with a High-level Delegation from the Republic of the Philippines

20 September 2023

His Excellency Mohamed bin Hadi Al Husseini, Minister of State for Financial Affairs, received a high-level delegation from the Republic of the Philippines at the Ministry of Finance’s Dubai office, in the presence of His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and a number of Ministry’s officials.

The delegation included His Excellency Dr. Benjamin Diokno, Secretary of Finance, Her Excellency Amenah Pangandaman, Secretary of the Department of Budget and Management, His Excellency Dr. Arsenio Balisacan, Secretary of the National Economic and Development Authority, Dr. Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines, Rosalia V. de Leon, National Treasurer, and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE.

The meeting discussed strengthening cooperation in financial and investment services between the two countries who will celebrate the 50th anniversary of diplomatic relations between them in 2024. Bilateral relations peaked in 2021 and 2022, after the signing of a series of memorandums of understanding, including the agreement to boost mutual investments and protect them from non-commercial risks in June 2022, and the beginning of talks on the Comprehensive Economic Partnership Agreement in February 2022.

Both parties discussed ways to enhance investment flows and potential investment opportunities, especially with the establishment of the Philippines’ first-ever sovereign wealth fund, as well as the exchange of financial solutions between the bodies representing the two countries. The delegation from the Philippines also introduced the bonds for Overseas Filipino Workers that were announced in cooperation with the National Bonds Corporation, and coordinated by the Central Bank of the Philippines with a group of international banks, including Dubai Islamic Bank.

The delegation’s visit to the UAE is part of a global tour that includes the United States of America, the United Kingdom, Canada, and Singapore.

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