Philippines secures $1.25-B investment pledges

PRESIDENT Rodrigo Duterte's visit to New Delhi has yielded $1.25 billion worth of investment pledges from Indian companies, Malacañang said on Thursday, January 25.

Presidential Spokesperson Harry Roque Jr. said the investment pledges were made ahead of Duterte's participation in the Association of Southeast Asian Nations (Asean)-India Commemorative Summit.

Roque said the commitment of Indian companies to invest in the country is expected to create 105,5000 jobs.

"The truth of the matter is even before the start of the Asean-India (summit), DTI (Department of Trade and Industry) has already facilitated $1.25 billion in new investments in the Philippines and expected to generate 105,500 jobs," he told reporters in India.

Duterte's visit to India has secured commitments from at least seven investors who submitted their letters of intent to either start business or expand operations in the Philippines.

DTI Secretary Ramon Lopez said the biggest chunk of the investment pledges, around $1.2 billion, came from Adani Green Energy, which is now looking for sites in the Philippines for its solar and wind-based power generation project.

"We met Adani Green Energy. Their plan is to expand its operation to the Philippines in particular focusing on the renewable energy, building solar panels," Lopez said.

Lopez noted that companies Hinduja Global Solutions and San Benito Farm vowed to invest $20 million and $30 million, respectively.

He said the Philippine government also encouraged Indian pharmaceutical firms to start manufacturing in the Philippines, in an effort to offer cheaper medicines for Filipinos.

"There was an indication that we want Indian companies to invest in the pharmaceutical industry in the Philippines. And we want to, of course, learn from the experience of India on how they are able to produce cheaper medicine," the Trade chief said. (SunStar Philippines)
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