PHL gets $1.25-billion investments from India

Presidential Spokesperson Secretary Harry Roque said the Department of Trade and Industry (DTI) has facilitated 1.250 billion dollars in new investments to the Philippines expected to generate 105,500 jobs.

This was bared by Roque during a press briefing with DTI Secretary Ramon Lopez in New Delhi, India on January 25.

President Rodrigo Duterte is currently in India to attend the ASEAN-India Commemorative Summit and India’s Republic Day celebration. Duterte and India Prime Minister Narendra Modi met on January 24 at Hyderabad House.

“We entered into or they have submitted in total about seven Letters of Intent (LOI) and two MOUs (Memorandum of Understanding). So we had basically about nine agreements with them on how they can — or how we can both expand and strengthen our trade and investment relationship,” Lopez said.

“Related to that the President as well and in our earlier meetings, we have emphasized the need for these India pharmaceutical companies to start manufacturing in the Philippines. They can make the Philippines as their toll manufacturing hub for medicines that they will supply to the Philippines or making it as a manufacturing hub to export also to their other export markets,” he said.

Lopez also said they covered the areas of IT-Business Process Management. “Indian companies there a lot of already in the Philippines and we have talked to them. They intend to come in a bigger way,” he added.

“The Board of Investment entered in a Memorandum of Understanding with the Invest India basically to facilitate direct invest, cooperation between the BOI — the Board of Investment and Invest India. To provide practical investment information to enterprises, assisting visiting investors, promotion of investments and many other initiatives that will facilitate investments,” he added.