Israel and the Philippines have shared warm and prosperous relations for decades. As the country settles into the Duterte administration, the future looks bright for Israeli companies planning to expand operations in the Philippines. There is only one thing the Israeli business community is requesting the government: predictability in foreign investment policies and the opportunity to understand the government’s long-term plan for foreign investors.
In an interview with ANC’s Cathy Yap-Yang, Itamar Gero, President of the Israel Chamber of Commerce of the Philippines (ICCP), described the quality of the local workforce and how it is proof of the great potential the country holds for international BPO companies.
“A lot of migration from Indian BPOs to the Philippines is a good testament of what the Philippines can offer,” he told “Market Edge with Cathy Yang.”
In a similar vein, ICCP Vice President for External Affairs, Anton Mauricio, described Israel as “very bullish” on the Philippine economic front. While the direction remains positive, Mauricio suggested that, moving forward, Israel and the Philippines must work together in clarifying uncertainties in foreign investment policies to enjoy mutually beneficial business ventures.
Positive Outlook on Tax Reform
The government said a new tax scheme is in the works to collect enough revenue and generate more jobs for the country. For the Israeli business community, the tax reform program is an opportunity to clarify their obligations and benefits for better chances of growth on both ends.
As a first step, the ICCP facilitated the “Business Forum on Taxation and Incentives” last week to discuss the government’s proposed new tax system and how it will impact Israeli companies and foreign investors, in general.
The expansion of investments and business operations in the Philippines will be a fruitful venture for Israeli firms. The long-standing economic cooperation between the two countries is a big show of trust and demonstrates the country’s positive environment for foreign investment. As long as the Israeli business community understands its obligations and incentives, the success of their business operations will follow.
Content and Photo Source: http://news.abs-cbn.com/business/11/25/16/israel-eyes-expanding-investments-in-philippines