Philippines to Take Notes from Qatar in Developing Islamic Finance as a New FDI Source

At a virtual conference organised by the Philippine Economic Zone Authority (PEZA) and Bangko Sentral ng Pilipinas (BSP), discussions regarding the expansion of foreign direct investments (FDI) into the Philippines via the development of Islamic finance were put on the table.

Speaking of the Republic Act (RA) 11439 signed by President Rodrigo R Duterte on the 22nd of August 2019, PEZA’s Director General, Charito B Plaza, highlighted its importance in maximising the full potential of Islamic finance in the Philippines to encourage inclusive economic growth.

The Act, which is ‘An Act Providing for the Regulation and Organisation of Islamic Banks', was developed as an expa...