PRESIDENT Ferdinand Marcos Jr. secured expansion commitments from Indian companies during a series of meetings with business groups, Trade and Industry Secretary Maria Cristina Roque said.
The president is in India for a two-day visit to attend the 18th Brics Summit, where he is expected to meet with Indian Prime Minister Narendra Modi.
Marcos was invited by Modi to the summit in his capacity as chairman of the Association of Southeast Asian Nations (Asean) this year.
Indian businessmen aim to further increase investments in agriculture, health care, digital payments, aviation, artificial intelligence (AI), telecommunications, and other technology-driven industries.
In an interview on Saturday, Roque said the companies expressed confidence in the administration’s economic policies and their intention to expand operations in the Philippines.
“Today, we were able to meet important companies that are already in the Philippines and have expressed expansion plans. They are very positive about the economic policies of the president,” Roque said.
Marcos met with the iSON Group, a New Delhi-based conglomerate with businesses in agrotechnology, health care, telecommunications, information technology, renewable energy, business process outsourcing (BPO), and insurance.
Roque said iSON Group discussed expansion plans in three key areas: agricultural technology, health care, and BPO and digital infrastructure.
iSON Group has committed $75 million in new and scaled-up investments in the Philippines that could generate around 2,000 jobs.
The investments include a proposed $50-million agro-solar project, health care and 24/7 teleconsultation services, and a $10-million expansion in BPO and global delivery centers.
The president also met with NPCI International Limited to advance cooperation on digital payments, including a partnership with LandBank to explore the adoption in the Philippines of a payment system based on India’s Unified Payments Interface.
Roque said the proposed payment gateway could benefit overseas Filipino workers, businesses, and small and medium enterprises.
Marcos also met with executives of GMR Group and representatives of Cavitex Holdings, Inc. to advance the development of the Sangley Point International Airport project in Cavite.
Roque said the government needs to pursue new and improved airport projects, as the country expects continued growth in air travel, tourism and trade.
The president also led a roundtable with executives of Cognizant, VVDN Technologies, Hinduja Group, and HCLTech.
Roque said the four companies, which already have operations in the Philippines, expressed satisfaction with the administration’s economic policies and indicated plans to expand in digitalization, AI, telecommunications, and other technology-driven industries.
Roque said she has assured Indian companies that the Philippine government would provide coordinated assistance in addressing issues and concerns related to their investments.
“We take a whole-of-government approach to make sure that things get done. All the Cabinet secretaries work together to address the concerns of these companies,” she said.
