Economic relations between the UAE and the Philippines have been continuously growing over the last years. Bilateral trade volume has been increasing, many Agreements and MoUs related to economic cooperation, trade and investment have been signed, and UAE direct investments in the Philippines are rising, amid expectations of even faster rise in the next few years.
Bilateral non-oil annual trade doubled from $830-M in 2021 to $1.85-B in 2022. In the same year, the UAE ranked 17th (out of 230) among the Philippines’ trading partners worldwide (largest in GCC), its 22nd largest export market (out of 206), and its 16th largest import supplier (out of 213).
In terms of investments, UAE ranked 22nd among the Philippines’ sources of net foreign direct investments in 2022. UAE investments in the Philippines are seen to double after the Investment Promotion and Protection Agreement entered into force in February 2024 and with the prospected signing of the Comprehensive Economic Partnership Agreement.
There is also growing interest among Filipino investors in the UAE attractive market. Philippine direct investments in the UAE reached USD 34 million by the end of 2021.
Financial cooperation is another promising field of economic partnership between both countries. During the last few years, providers of financial technology and financial services in each country started to expand to the other country’s market. Partnerships between those companies are formed. Moreover, the Philippines chose NASDAQ Dubai in 2023 to list its inaugural Sukuk worth USD 1 billion.
