The Government of the Republic of the Philippines and the People's Republic of Bangladesh hereinafter referred to as the Contracting Parties,

Desiring to intensify the economic cooperation of both States on the basis of equality and mutual benefits,

Intending to create favourable conditions for investments by investors of one Contracting Party in the territory of the other Contracting Party,

Recognizing that the reciprocal encouragement, promotion and protection of such investments will be conducive to stimulating business initiative of the investors and will increase prosperity in both States,

Have agreed as follows: