Bilyonaryo - Business

3 Israeli firms to invest in the PH

Three Israeli companies have expressed their interest to expand their operations in the Philippines.
Economic Attaché and Head of the Economic Mission of the Israel Embassy Tomer Heyvi said software development company Amdocs, agro-business firm LR Group, and information technology and business process outsourcing (ITBPO) firm Maroonz Holdings submitted their letters of intent (LOIs) to the Department of Trade and Industry (DTI).
DTI Secretary Ramon Lopez told reporters that “early harvest from these companies could be around $150 million this year.”
The Israeli Embassy in Manila said the expansion of Amdocs would create additional 1,000 jobs, while investments from Maroonz will generate 100 jobs.
Heyvi said, aside from increasing merchandise trade, Israel also wants to grow trade in services with the Philippines.
Aside from the IT-BPO industry, Israel aims to maximize the potential in other services such as electronics manufacturing services, software development, cybersecurity, and fintech. (PNA)