The leadership of the International Chamber of Commerce (ICC) in the Philippines is optimistic that the ongoing crisis in Gaza will not have a significant impact on the trade relationship between the Philippines and Israel, although a temporary slowdown in the exchange of goods is anticipated.
In a recent interview, Jesus Varela, the Director General of ICC Philippines, emphasized the resilience of the Manila-Tel Aviv trade relationship, which has strengthened over the years.
He also noted the presence of Israeli companies in the Philippines’ technology sector and expressed confidence in the future of bilateral economic activity. ICC Philippines is actively communicating with representatives of the Israel Chamber of Commerce of the Philippines, further bolstering expectations of continued economic cooperation.
In 2022, bilateral trade in goods and services between the two countries exceeded USD 534 million, marking a historic high in their 65-year trade relations. Varela expressed hope for a swift resolution to the crisis and called for international intervention to prevent its escalation into neighboring countries, as this could lead to more severe global economic repercussions.
Varela also expressed concerns about the potential impact of a prolonged Israel-Hamas conflict on global crude oil prices. He highlighted that conflicts in the region historically make oil markets volatile, leading to higher oil prices, which is unfavorable for all.
While Varela affirmed that existing Israeli investments in the Philippines are secure, he stressed that a prolonged war could pose challenges for the future.
According to a recent report by Israel’s Ministry of Economy and Industry, exports from Israel to the Philippines increased by 94 percent in 2022, amounting to USD 340 million, while imports from the Philippines to Israel grew by 39 percent, reaching USD 193 million in the same year.
The ICC, headquartered in Paris, serves as the institutional representative of 45 million companies across over 170 countries. Its primary objectives are rule setting, dispute resolution, and policy advocacy to facilitate international business transactions.
In a related development, the Trade Union Congress of the Philippines (TUCP) expressed its support for the Marcos administration’s comprehensive approach to ensuring the safety of Filipino workers in Israel. TUCP Vice President Luis Corral noted that while mass evacuations may not be immediately necessary, it is vital for Philippine authorities to solidify contingency plans and establish clear timelines in case evacuation becomes a requirement.
Approximately 30,000 overseas Filipino workers reside in Israel, and their safety remains a top priority, especially for those living near the Gaza conflict zone. (ai/mnm)
