27 October 2005 – Ambassador Antonio C. Modena of the Philippine Embassy in Tel Aviv, Israel, reported to the Department of Foreign Affairs that Africa-Israel Investments Ltd., one of Israel’s biggest investment groups, is investing US$100 million in various investment projects in the Philippines, and has made the country the hub of its interests in Asia.

Ambassador Modena said that the capital inflow made this year involves an office park for information technology companies that is being carried out as a joint venture with the Philippine Investment Group, construction of 800 residential units in a resort project in Mactan, Cebu, and entry into the power generation industry with the project to purchase the Calaca power plant.

Ambassador Modena met with Mr. Jacob Ben-Moshe, Africa-Israel Vice-President for Business Development in Asia and the Pacific, who gave the Ambassador an update of the firm’s investments in the Philippines.

According to Mr. Ben-Moshe, Africa-Israel’s business park project involves the construction of a multi-storey office and residential building in Makati City covering over 50,000 square meters of built-in area, with an option to expand to a further 170,000 square meters.

The 800 residential structures in Cebu will be offered to Filipino and foreign buyers who would like to have a first or second home located in or near a resort.

Mr. Ben-Moshe also said that Arab-Israel is working on the acquisition of the Calaca power plant, which, if it pushes through, would translate to over PhP100 million in investments in the Philippines, and job opportunities for more than 5,000 Filipinos.

Mr. Pichas Cohen, Africa-Israel Board Chairman and Chief Executive Officer, said that Africa-Israel views these ventures as just the opening stage of further business activities in the Far East.

Mr. Ben-Moshe said that the company’s decision to invest in the Philippines resulted from the positive investment climate in the Philippines, and the Embassy’s aggressive strategy to promote increased trade activity between the two countries.

He also informed Ambassador Modena that part of the decision to come to the Philippines is attributed to the economic policies of President Gloria Macapagal-Arroyo that make the country a very attractive target of opportunities for capital growth.

Mr. Ben-Moshe likewise informed Ambassador Modena that Africa-Israel is opening an office at the RCBC Towers in Makati City to serve as the hub of the investment group’s business activities in Asia.  He stressed that because the company now holds a Regional Office in the Philippines, Africa-Israel’s investments in the country will certainly expand.

Ambassador Modena thanked Mr. Ben-Moshe for the investment as a concrete expression of confidence in the future of the Philippine economy, and offered assistance should it be needed by the company or Mr. Ben-Moshe in settling their business in the Philippines.

The Ambassador said that Africa Israel Investments Ltd. is an international holding and investment company that is active, among others, in the spheres of residential and business construction, construction and management of shopping malls, and infrastructure-building.  The investment firm has holdings in various companies, including those engaged in diamonds, industry, trade, energy, communications, hotels and resorts both in Israel and abroad.

Last year’s Philippine-Israel trade amounted to US$128,140,687, slightly down from the preceding year of US$181, 848,353 in favor of Israel.  This has prompted Ambassador Modena to gear up the Embassy’s strategy towards active trade, investment and tourism promotion.

To date, the Embassy has organized seven successful trade, tourism and cultural promotions all over Israel that have stirred interest among Israeli companies, officials and individuals.

With these projects, Ambassador Modena said the Embassy hopes to go beyond its target of a 5% increase in trade figures in 2005.  END