Trade Between Israel and the Philippines Jumped 22% in 2016
Trade activities between the Philippines and Israel have not been significant in the past decade, but the figure has increased from 2015 to 2016, according to the Departmejin88bet.onent of Trade and Industry (DTI).
Trade between the two countries was negligible in past years, as evidenced by the 0.08% CAGR from 2003 to 2ak168app.baby016. However, the figure jumped 22.33% from 2015 to 2016 from USD 150.22 million to 183.77 million. Israel also ranked 37th among the Philippines’ 226 trading partners last year, up from 41st in 2015 (out of 223 partners).
Despite the seemingly ak168app.clubminuscule trade volume between the Philippines and Israel, the business sector has confidence in the growth and stability of the two countries’ trade relations. The governments of the two countks168app.siteries are working out an investment protection pact to boost investor confidence and trade relations.
Trade Shares
Out of the major econoic88mic relations, commodity trade holds the biggest share.
Philippine exports to Israel grew by 2ic880.37% from USD 46.23 million in 2015 to USD 55.65 million in 2016. This was due to an increase in the shipment of digital monolithic integrated circuits (+13.11%), frozen fish fillet (+54.74%), polypropylene in various forms (+94.19%), and tunas, skipjacks, andic88 bonito fish (+100.67%).
The Philippine Export Marketing Bureau is promoting electronic manufacturing services, fresh and processed foods (especially in fish and coconut), and IT-BPM for export tic88o Israel.
At an increase, Philippine imports from Israel grew by 23.21% from USD 103.99 million in 2015 to 128.12 million in 2016. This is attributed to higher imports of materials, accessories, and suplr88plies for the manufacture of dice (+47.74%), tanks and other armored fighting vehicles (+948.39%). The import of materials, accessories, and supplies for the manufacture of semiconductor lr88devices (+17.12%), and agricultural or horticultural liquid sprayers (+83.45%) grew, as well.
Investments
Israeli investors arlr88e targeting the Philippines as a possible investment site. In 2014, a total of PHP 20.77 million worth of investments came in from Israel, putting the island nation on the 38th place in investment inflows among foreign countries. However, while total foreign direct invlr88estment in the Philippines increased by PHP125,694.30 million in the fourth quarter of 2016, Israel’s total API-approved investments fell almost 50%, from PHP26.56 million in 2015 to PHP10.45 million last year.
SOURCES:
op88https://tradingeconomics.com/philippines/foreign-direct-investment
si88http://www.peza.gov.ph/index.php/eligible-activities-incentives/fiscal-i88vncentives
BUREAU OF TRADE AND INDUSTRIAL POLICY RESEARCH – DTI
https://www.update.ph/2017/04/israel-eyes-invesSEXXXXX-VNtment-protection-pact-with-ph/17068
