Philippines secures $1.25B in investment pledges from India

NEW DELHI – The Philippines has fetched at least $1.25 billion in investment pledges from Indian firms that are expected to create 105,000 jobs, an official said on Tuesday.

 

Presidential spokesman Harry Roque said Indian firms have been meeting with the Trade department on the sidelines of the Association of Southeast Asian Nations (ASEAN) – India Commemorative Summit to discuss their investment plans.

 

President Duterte is in India to attend the summit, which is expected to highlight the need to further increase the engagement between India and the regional bloc.

 

"The truth of the matter is even before the start of the ASEAN–India (summit), DTI (Department of Trade and Industry) has already facilitated $1.250 billion in new investments in the Philippines and they are expected to generate 105,500 jobs," Roque said in a press briefing here.

 

Trade Secretary Ramon Lopez said the bulk, or $1 billion, of the investment pledges came from Adani Green Energy, which is planning to expand their operations in the Philippines.

 

"We met Adani Green Energy. Their plan is to expand its operation to the Philippines in particular focusing on the renewable energy, building solar panels. They are the biggest in India…So they are now looking for sites for the solar and the wind-based power generation," Lopez said.

 

There were also investment pledges from companies involved in information technology, business processing management, and transportation.

 

Lopez said his agency has received seven letters of intent from investors and has witnessed the signing of two memoranda of understanding aimed at strengthening the economic cooperation between the Philippines and India.

 

"We had basically about nine agreements with them on how we can both expand and strengthen our trade and investment relationship," the Trade chief said.

 

Lopez said the Philippine delegation also invited Indian pharmaceutical firms to start manufacturing in the Philippines to ensure the availability of cheap medicines.

 

"Health care is also discussed. Many of the Indian companies would have the technology to provide health care, wellness, preventive health care for the Filipinos and making it more affordable," he said.