News Release

PH gov’t receives $1.25 billion investment agreements, pledges from India

Presidential Spokesperson Atty. Harry Roque during a press briefing at the International Media Center (IMC) in New Delhi, India on January 25, 2018, runs down the various discussions during President Rodrigo Roa Duterte's bilateral meeting with India Prime Minister Narendra Modi citing that both heads of states discussed matters on business and security cooperation. Also in photo is Trade and Industry Secretary Ramon Lopez. YANCY LIM/PRESIDENTIAL PHOTO

New Delhi, India – Presidential Spokesperson Harry Roque on Thursday, January 25, announced that investment pledges and agreements from Indian firms reached a total of $1.25 billion, which are expected to generate thousands of jobs for Filipinos.

“The truth of the matter is, even before the start of the ASEAN-India [Summit], DTI has already facilitated $1.250 billion in new investments in the Philippines,” Roque said during an official press briefing at the sidelines of the ASEAN-India Commemorative Summit 2018.

The Department of Trade and Industry (DTI) announced that it has obtained at least nine investment pledges and agreements from top Indian companies, which are expected to strengthen the Philippines’ economic relationship with the South Asian country.

The DTI conducted a series of meetings at the sidelines of the Summit to discuss investment plans with major Indian conglomerates that intend to either expand or begin their operations in the Philippines.

Lopez said the agency received a total of seven letters of intent from firms that expressed interest in investing in the country. Meanwhile, he added that two memoranda of understanding (MOU) on investments were also signed between India and the Philippines.

“We had basically about nine agreements with them on how… we can both expand and strengthen our trade and investment relationship,” Lopez stressed.

“I will tell you that it is emerging to be a substantial commitment on the investment side as well as job generation side,” he added.

The investment pledges came from companies involved in pharmaceutics, information technology, energy, tourism, medical wellness and business processing management.

Lopez said the Philippine government primarily wanted to prioritize pharmaceutics and business outsourcing as areas of cooperation with India, since the country is known to excel in both industries.

He said this was “aligned with what the President intends to achieve in this visit – to strengthen the trade on pharmaceuticals to ensure that the Filipinos will have better, easier access to affordable quality drugs.”

Lopez said there were even discussions to create a working group to develop a plan that would strengthen the two countries’ trade and investment partnership on pharmaceutics. The group was given two months to provide a report.

Meanwhile, Secretary Roque reported that the recently concluded bilateral meeting between President Rodrigo Duterte and Indian Prime Minister Narendra Modi fostered a shared commitment to expand the two countries’ ties particularly on business and security.

“The two heads of states agreed that relations, while already very good, will even be better and that there will be further bilateral negotiations on issues involving trade and even military cooperation in the next two months,” Roque said.

Palace vows justice for victims of Mamasapano tragedy

In the same press briefing, the Palace renewed its call for justice to finally be served for the victims of the Mamasapano clash.

“The nation remembers the heroic sacrifice of the 44 uniformed personnel of the Philippine National Police Special Action Force (PNP-SAF),” Roque said as the country celebrated the Day of National Remembrance in honor of the slain SAF commandos.

Roque underscored that President Duterte remains committed to uncover the truth behind the botched operation in order to find a just closure for the bereaved families.

The President signed last year Proclamation No. 164 declaring January 25 of every year a Day of National Remembrance for the heroic sacrifice of the 44 uniformed personnel of the Philippine National Police Special Action Force.

“President Rodrigo Roa Duterte does not wish a repeat of such a waste of lives and promising future of gallant Filipinos,” Roque added.

The Spokesperson then called on members of the PNP to honor the memory of the slain SAF commandos by reliving their values of integrity and courage in the performance of their duty.

“To our people, let us offer the most solemn prayer for our Fallen SAF heroes. We also pray for their bereaved families that their grief may soon be appeased through the attainment of justice,” Roque concluded. ### PCO-Content