Philippines to Enhance Ties with India in Services

MANILA, PHILIPPINES - The Philippines is targeting to increase its bilateral trade with India at US$ 1.91 billion by reaching Indian industry through forums such as World Trade Centre (WTC) Mumbai, where a Business Round Table: Introduction on Strategic Trade and Investment Opportunities with the Philippines was jointly organised by WTC Mumbai and All India Association of Industries on September 20, 2016. 

Mr. Michael Alfred V. Ignacio, Commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi said, “India can look to Philippines as a secondary location to reach out to US Markets for Goods and Services to avail of US GSP privileges and reap benefits of ASEAN Markets. English is the main language of Business for both countries, who are also the world’s fastest growing economies and are major players in the Global IT-BPM Value Chain, therefore Tier II companies of India can locate their businesses in the Philippines to avail of the conducive economic and business climate”.

Mr Ignacio highlighted, “India is currently 20th export market for Philippines and we look forward to tap the unexplored potential in all sectors between our countries. Philippines has improved its global competitive ranking and scope for public-private partnership especially in infrastructure development, which Indian companies can consider."

Philippines has 345 Economic Zones and enjoys fiscal and non-fiscal incentives. Priority sectors include information and communication technology, automotive components, renewable energy and exploration of market potential for products such as high innovation and design-driven products for the niche market, electronics and semi conductors and education as service.

Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai said, “Philippine’s economy is driven mainly by the services sector and India’s strength too lies in this sector, so there is tremendous scope for Indian collaboration in banking and other financial services, telecommunication, tourism, etc.

With the establishment of Indo-Philippine Textile Mills, Inc. (Indo-Phil), 14 out of top 15 Indian companies in ICT having set base in the Philippines and GMR involvement in developing the Cebu - Mactan International Airport, similarly there is further scope for such joint ventures.

Mr. Manoj Kedia, CFO, Birla Group said that the company commenced its operation in 1975 and has 76 per cent of women employees. The company provides livelihood to thousand families in the Bulacan area of Philippine. What started with 15 thousand spindles has now grown up to 60,000 spindles supplying 20 per cent of total market share in cotton and acrylic yarn.

Capt. Somesh Batra, Vice Chairman, WTC Mumbai said, “India’s Look East Policy is a priority for India’s foreign policy and the favourable developments in Philippines can cover matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations”. With India’s stress on infrastructure development, Philippines could play a major role in collaborative efforts.

In Photo: From (L to R): Capt. Somesh Batra and Mr. Michael Alfred V. Ignacio

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