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The economic team, led by Finance Secretary Benjamin E. Diokno, held meetings with key United Arab Emirates (UAE) government ministries and Dubai-based funds and investors during a two-day Middle East roadshow from September 11-12, 2023.
The economic team also had courtesy calls with UAE Minister of State for Foreign Trade HE Dr. Thani bin Ahmed Al-Zeyoudi and UAE Minister of State of Financial Affairs, Ministry of Finance HE Mohamed Bin Hadi Al Hussaini. I Photo: Department of Finance Philippines Facebook
The discussions covered various areas of cooperation, including trade, investments, Islamic banking, renewable energy projects, and infrastructure partnerships.
The team members included Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr., National Treasurer Rosalia V. De Leon, and BSP Assistant Governor Arifa A. Ala.
The roadshow began with a visit to Nasdaq Dubai, where Secretary Diokno rang the bell and met with Nasdaq Dubai CEO Hamed Ahmed Ali. Nasdaq Dubai is known for its unique investor pool and advanced technology in operations.
The economic team also had courtesy calls with UAE Minister of State for Foreign Trade HE Dr. Thani bin Ahmed Al-Zeyoudi and UAE Minister of State of Financial Affairs, Ministry of Finance HE Mohamed Bin Hadi Al Hussaini.
Both sides expressed openness to forming trade alliances and investments, including areas of interest such as food security, agriculture, and renewable energy.
Meetings were held with global investment firms and organizations, including Brevan Howard, Arqaam Capital, and Investment Corporation of Dubai (ICD), who showed interest in the Philippines' renewable energy projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking, and the Maharlika Investment Fund.
The economic team engaged in in-depth discussions with UAE-based funds about the Philippines' plans to issue Sukuk bonds, marking its entry into the Islamic bond market.
They met with representatives from Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), Millennium Capital, Emirates NBD Asset Management (ENBD AM), Chimera Investments LLC, Kuwait Finance House (KFH), and Waha Capital.
National Treasurer De Leon highlighted that issuing Sukuk bonds would diversify the Philippines' sources of financing, widen its investor base, and boost investments in connectivity.
BSP Assistant Governor Ala shared that the Philippines has the right policy environment for Islamic banking to flourish, attracting foreign players. The Philippines enacted the Islamic banking law in 2019 to promote financial inclusion, allowing non-Muslim Filipinos to participate in Islamic banking.
The funds expressed interest in co-investment opportunities in infrastructure and fixed-income instruments through the Maharlika Investment Fund, operational by the end of 2023.
The economic team looks forward to further discussions with the funds during the upcoming Conference of the Parties to the Convention (COP28) in Dubai.
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