Indian firms eye $66.8M PH expansion
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Indian technology and manufacturing companies are looking to invest up to $66.78 million in the Philippines, with expansion plans that could create as many as 7,500 jobs across several regions.
The investment prospects were discussed during a high-level roundtable led by President Ferdinand R. Marcos Jr., Trade and Industry Secretary Cristina A. Roque and Finance Secretary Frederick D. Go.
The talks focused on expanding investments in information technology-business process management, artificial intelligence, cybersecurity, digital engineering and electronics manufacturing.
Cognizant is considering an expansion that could generate 3,000 to 5,000 jobs over the next three years through high-value technology services, including AI, cybersecurity and digital engineering. Potential locations include Tarlac, Clark, Cagayan de Oro, Dumaguete and Urdaneta.
HCLTech, which supports more than 70 global clients from the Philippines, plans to sustain about $10 million in investments while strengthening training in AI and cybersecurity and exploring regional expansion.
VVDN Technologies is also finalizing plans for an electronics assembly and testing facility worth an estimated $10 million to $50 million. The project could create about 500 manufacturing jobs, with Subic, First Philippine Industrial Park and Laguna being considered as sites.
Meanwhile, Hinduja Global Solutions plans to invest about $6 million in digitally enabled staffing centers in Metro Manila, generating 1,200 skilled jobs. Its automotive arm, Ashok Leyland, also presented plans for a commercial vehicle assembly project for the Metropolitan Cebu Water District.
The participating Indian companies have a combined market capitalization of about $65.55 billion and an existing Philippine investment footprint of $84.7 million.
Roque said the government is using the CREATE MORE Act and Green Lane system to make it easier for Indian companies to establish and expand operations in the country.
