THE International Chamber of Commerce’s (ICC) in the Philippines is hoping that the bilateral trade between the country and Israel will not be severely interrupted by the crisis around Gaza, although a temporary slowdown in the exchange of goods is expected.
Jesus Varela, ICC Philippines director general, in an interview on Saturday, Oct. 14, said the foundations of Manila-Tel Aviv trade have become strong over the years, and a number of Israeli companies have established their presence in the Philippines’ technology sector.
He explained that ICC Philippines is in touch with representatives of the Israel Chamber of Commerce of the Philippines, and there is reason to be bullish about the future of bilateral economic activity.
Israel’s economic and commercial mission to the Philippines estimated that bilateral trade in both goods and services was higher than USD534 million in 2022, which it called “a record high” in the two countries’ 65-year trade relations.
“We are hoping for a speedy resolution to this matter. Hopefully, the United Nations and influential countries can intercede so that this (war) will not spread to neighboring countries which might want to join the fight against Israel. If the crisis spreads, then we can expect more serious economic repercussions worldwide,” Varela said.
The business leader expressed concern about how a protracted Israel-Hamas conflict is likely to affect world crude prices.
“Oil prices in the international market immediately shot upwards when the fighting began. Wars in that part of the world always make the oil markets jittery. Market jitters always lead to higher oil prices, something that we all don’t want,” he added.
Varela pointed out that Israeli investments already in the Philippines are here to stay, but a long war threatens to “create problems about our future.”
Israel’s Ministry of Economy and Industry said in a recent report that the export of goods from Israel to the Philippines in 2022 grew by 94 percent compared to the previous year, equivalent to USD340 million worth of goods.
The same report also stated that Israeli imports from the Philippines in 2022 grew by 39 percent compared to 2021, reaching USD193 million.
In its website, Paris-headquartered ICC said that it is the institutional representative of 45 million companies in over 170 countries, and its mission is making it easier for businesses to trade internationally. (PNA)/PN
