India firms seek prospects in fintech, infrastructure sectors

MANILA, Philippines — India is exploring opportunities for economic cooperation and investments in the Philippines, particularly in the fields of financial technology and infrastructure, according to the Department of Finance (DOF).

Finance Secretary Carlos Dominguez recently met with Indian Ambassador to the Philippines Shambhu Kumaran to discuss ways of enhancing economic cooperation between the two countries.

The two officials acknowledged that forging a stronger partnership between the Philippines and India would open up numerous mutually beneficial opportunities, with both countries poised to bounce back from the economic impact of the COVID-19 pandemic this year.

In particular, Kumaran offered India’s assistance in the banking and finance sector, including projects that would expand the use of fintech in the Philippines in order to help the Duterte administration attain its goal of financial inclusion for all Filipinos, the DOF said.

Kumaran said India could lend its expertise to the Philippines in setting up its national broadband network, as well as its national ID system.

Moreover, the envoy said Indian companies also wanted to take part in the government’s Build Build Build program, but were in need of more information on the opportunities available to them.

Dominguez, in response, welcomed Kumaran’s offer of assistance and invited Indian companies to participate in the implementation of a shared cyberdefense plan for the Philippines’ state-run banks and revenue agencies.

This cyberdefense plan seeks to strengthen the cybersecurity of key agencies amid efforts to digitalize government services and processes.

It will cover the Land Bank of the Philippines, United Coconut Planters’ Bank, Development Bank of the Philippines, Insurance Commission, Philippine Health Insurance Corp. , Philippine Deposit Insurance Corp., Government Service Insurance System , Social Security System, Bureau of the Treasury, Bureau of Internal Revenue and the Bureau of Customs.

The finance chief also expressed appreciation for India’s interest to help the Philippines implement its digital transformation programs that aim to expand financial inclusion among Filipinos, upgrade the delivery of frontline government services and further curb official corruption.

To assist prospective investors on the Build, Build, Build program, Dominguez and Kumaran agreed to organize a webinar that will allow the Philippine government to present various investment opportunities to Indian companies, as well as other possible areas of cooperation between Filipino and Indian firms.