POTENTIAL Indian investors have indicated their interest in pursuing pharmaceutical and infrastructure ventures in the Philippines, the Palace press office in Manila said.
It added that Indian officials also noted the potential upside in bilateral trade activity, coming from a low base.
Citing the outcome of a business roundtable in Delhi organized during President Ferdinand R. Marcos, Jr.’s state visit to India, it said other areas of interest were digital technology, autos, agri-food processing, clean energy, and innovation-driven enterprises.
Indian investment in the Philippines is valued at about $5 billion in industries like information technology services, pharmaceuticals, healthcare, textiles, and agriculture.
At the roundtable in the Indian capital, Commerce and Industry Minister Piyush Goyal described the current level of bilateral trade as “abysmally low” but saw it as an opportunity for growth.
“This is one partnership where we should only aim for exponential growth,” Mr. Goyal said.
Mr. Marcos’ state visit to India is meant to signal a Philippine pivot to non-traditional trade partners.
The two countries are currently working towards a Preferential Trade Agreement (PTA) and have recently elevated their relationship to a strategic partnership.
Mr. Marcos was quoted by the Palace as saying that the Philippines is continuing to pursue reforms to attract foreign investment, highlighting the CREATE Act; Executive Order No. 18, establishing ‘green lanes’ for expedited processing of strategic investments; the newly passed Public-Private Partnership Code; and liberalization of foreign ownership in renewable energy projects.
“Our investment environment is the most open and liberal that it has ever been,” Mr. Marcos said, citing the Philippines’ 5.7% gross domestic product growth in 2024, healthy banking and financial systems, and strong credit ratings.
Trade Secretary Maria Cristina Aldeguer-Roque called on Indian firms to see the country not just as a market but as a long-term partner in nation-building.
She highlighted industries primed for investment, including infrastructure, clean energy, healthcare, digital services, and electric vehicles.
Federation of Indian Chambers of Commerce and Industry (FICCI) President Harshvardhan Agarwal was quoted as saying that the group is ready to facilitate closer cooperation, and floated the possibility of establishing an FICCI office in the Philippines to support long-term engagement.
Mr. Marcos urged Indian companies to explore joint ventures in high-growth sectors such as ICT, digital technology, semiconductors, infrastructure, healthcare, and pharmaceuticals — areas aligned with Philippine development priorities.
To accelerate progress on trade talks, Mr. Marcos directed the Department of Trade and Industry to work closely with Indian counterparts to convene the Joint Working Group on Trade and Investment.
He also pushed for formal negotiations on the proposed PTA, calling it a “strategic platform” for mutual growth.
He encouraged Indian CEOs to visit the country and “see what a globally competitive Philippines can offer.” — Chloe Mari A. Hufana