Arab News | Philippines eyes preferential trade pact with Oman as talks for investment deal conclude

MANILA: The Philippines and Oman are on track to sign an investment deal before the end of the year, as officials completed negotiations on Friday for the agreement expected to boost the Gulf nation’s investment in renewable energy and infrastructure projects across the Southeast Asian country.

The Philippines-Oman Investment Promotion and Protection Agreement is designed to provide greater certainty and transparency in doing business, while ensuring that investors are treated fairly and protected from discriminatory measures, according to the Philippine Board of Investments.

“These elements foster a stable, transparent, and predictable investment environment, thereby enhancing investor confidence and greater investment flows between the two countries,” the BOI said.

Negotiations were finalized during a meeting in Muscat. The Philippine delegation was led by BOI Governor Atty. Marjorie O. Ramos-Samaniego and the Omani side by advisor for foreign trade and international cooperation of the Ministry of Commerce, Industry and Investment Promotion, Pankaj Khimji.

The Philippines and Oman see “significant opportunities to expand investment cooperation across priority sectors,” the BOI said, adding that agribusiness, renewable energy, energy efficiency technologies, infrastructure and Public-Private Partnership Projects, innovation projects, information technology, oil and gas, processed and specialty food, as well as tourism were among identified priority areas.

The Philippines has forged closer ties with Oman in recent years. Manila sees Oman as a strategic gateway to the Gulf Cooperation Council and the broader Middle Eastern market and positions itself as a bridge for Muscat to access the Association of Southeast Asian Nations.

Oman is home to around 47,000 overseas Filipino workers. Omani investments only amounted to a total of $0.14 million between 2021 and 2025, but reached $0.80 million in January 2026, making the Gulf state the fifth-largest source of foreign direct investments in the Philippines for that month.

In July, the two countries held the third Oman-Philippines Strategic Majlis in Manila, a government and business forum, where their foreign ministers agreed to fast-track negotiations on investment promotion and avoidance of double taxation to facilitate bilateral cooperation.

“The PH-Oman IPPA is scheduled to be signed within the year,” the BOI said.

“The IPPA is expected to spur Omani investments into the Philippines as well as pave the way for future economic initiatives, including a possible preferential trade arrangement for greater market access of goods in both countries.”