The Philippine government secured $1.25 billion worth of potential investments from nine letters of intent signed at the sidelines of the Asean-India Summit in New Delhi.
Trade Secretary Ramon Lopez said the investment commitments would help lift the Philippine economy and create more jobs.
“These LOIs will translate to about $1.25 billion of investments and 105,500 jobs for Filipinos,” he said Thursday.
He said among these investments was a government -to-government memorandum of understanding between the Philippine Board of Investments and Invest India for direct investment facilitation providing practical investment information to enterprises on both sides, visitor assistance and investments promotions.
The succeeding LOIs are business-to-business led by the potential collaboration of the IT and Business Process Association of the Philippines and the National Association of Software Services Companies, India to promote and develop the growth of the IT and business process management industry.
The collaboration will create a joint NASSCOM and IT BPM council to address common challenges in the sector.
Another B2B is a commitment from Adani Green Energy Ltd. to expand operations in the Philippines’ renewable energy sector.
Interglobe Air Transport, a general sales agent in India, plans to represent the Philippine Airlines and promote tourism in the Philippines
Interglobe Technologies, an affiliate of Interglobe Air, would also build two digital delivery centers and set up travel schools in the Philippines.
Another Indian firm, KG Information Systems Private Ltd., expressed interest to set up consultancy and delivery services.
Hinduja Global Solutions plans to open up to four more sites in the Philippines.