His Excellency Mohamed bin Hadi Al Husseini, Minister of State for Financial Affairs, received a high-level delegation from the Republic of the Philippines at the Ministry of Finance’s Dubai office, in the presence of His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and a number of Ministry’s officials.
The delegation included His Excellency Dr. Benjamin Diokno, Secretary of Finance, Her Excellency Amenah Pangandaman, Secretary of the Department of Budget and Management, His Excellency Dr. Arsenio Balisacan, Secretary of the National Economic and Development Authority, Dr. Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines, Rosalia V. de Leon, National Treasurer, and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE.
The meeting discussed strengthening cooperation in financial and investment services between the two countries who will celebrate the 50th anniversary of diplomatic relations between them in 2024. Bilateral relations peaked in 2021 and 2022, after the signing of a series of memorandums of understanding, including the agreement to boost mutual investments and protect them from non-commercial risks in June 2022, and the beginning of talks on the Comprehensive Economic Partnership Agreement in February 2022.
Both parties discussed ways to enhance investment flows and potential investment opportunities, especially with the establishment of the Philippines’ first-ever sovereign wealth fund, as well as the exchange of financial solutions between the bodies representing the two countries. The delegation from the Philippines also introduced the bonds for Overseas Filipino Workers that were announced in cooperation with the National Bonds Corporation, and coordinated by the Central Bank of the Philippines with a group of international banks, including Dubai Islamic Bank.
About the Ministry of Finance:
The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.
The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.
The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.
