India visit yields $446-M in pledges

BENGALURU, India — President Ferdinand Marcos Jr. said the Philippines was able to receive commitments for direct investments of $446 million on his five-day state visit.

Speaking to Filipino reporters in Bengaluru, Marcos said the number does not stop there, as other areas have a potential for more investments. The Philippines is looking at a full potential investment of $5.6 to $5.7 billion.

“But there’s still a lot more coming in, that’s not all yet. Like I said, that’s just the beginning. And we’re hoping that we’ve generated interest in several other areas. Our estimate for that, along with several other areas, is a potential investment of about 5.6 to 5.7 billion dollars. So it’s a big deal,” he said.

Marcos also noted India’s strong economy, which could continue to rise, coming from being the fourth largest economy to the third largest economy in the world.

“With the prospect of becoming the third largest economy in the world, you know they see a strong instinct for progress and development, especially in the digital area,” he said.

Business-oriented tour

During his visit, Marcos held business meetings with stakeholders of the Indian economy, promoting the Philippines as an investment hub in the Indo-Pacific region.

On Thursday, the Philippines concluded 18 agreements with India’s business sector, according to Trade Secretary Cristina Roque.

Roque said several companies in Bengaluru have expressed their intent to conduct business in the Philippines and be partners in its economic development.

The agreements covered a wide range of strategic sectors, including renewable energy, infrastructure, healthcare, education, information technology, business process management, digital services, and manufacturing,” she added.

Roque noted that the Philippines was able to reach these agreements through the collaborative efforts of both parties, which will serve as the foundation for ongoing and future business engagements between the two countries.