A fresh wave of collaboration is on the horizon for Filipino and Indian businesses as two key organizations reaffirm their commitment to economic cooperation.
On 6 August, during President Ferdinand Marcos Jr.’s State Visit to India, the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Federation of Indian Chambers of Commerce Philippines Inc. (FICCI PH) renewed their memorandum of understanding at the Taj Mahal Hotel.
The agreement reinforces efforts to promote trade missions, support business partnerships, and enhance the exchange of market information between the two countries.
Trade and Industry Secretary Cristina A. Roque, who witnessed the signing, highlighted the long-term potential of the renewed collaboration.
“This partnership is a strong symbol of the growing economic ties between the Philippines and India. It reflects our shared commitment to advancing trade, promoting investment, and creating more opportunities for collaboration between our business communities,” Secretary Roque said.
Originally signed in 2019, the agreement now covers broader areas such as policy advocacy, shared trade regulation updates, and coordinated hosting of business forums and delegations. The goal is to open up markets more efficiently and simplify procedures for cross-border trade and investment.
The Department of Trade and Industry said the strengthened partnership supports its broader goal of establishing the Philippines as a key destination for manufacturing, services, and tech-based businesses. These are sectors where Indian firms have shown strong and increasing interest.
“Whether through trade promotion, investment facilitation, or market access initiatives, we will continue to support efforts that benefit both our economies and contribute to inclusive, sustainable growth,” Roque added.
The agreement also paves the way for greater cooperation in fast-growing sectors such as pharmaceuticals, agribusiness, IT, and consumer goods, where India’s innovation and the Philippines’ market readiness are seen as complementary strengths.