THE PHILIPPINES and India signed 18 business agreements on Thursday, expanding economic cooperation across key sectors such as renewable energy, education, information technology, manufacturing and digital services.
“These agreements serve as tangible outcomes of our collaborative efforts and will serve as the foundation for ongoing and future business engagements between the Philippines and India,” Trade Secretary Maria Cristina Aldeguer-Roque told a business forum in Bangalore, India’s tech hub.
Her remarks were aired via a livestream on Radio Television Malacañang’s (RTVM) YouTube channel.
The agreements mark a significant development in Manila’s push to diversify trade partnerships as President Ferdinand R. Marcos, Jr. leads a Philippine delegation on a five-day state visit to India.
The two nations recently elevated ties to a strategic partnership and are working towards a preferential trade agreement.
Indian investment in the Philippines stands at about $5 billion, spanning industries such as pharmaceuticals, agriculture, information technology services, healthcare and textiles.
A trade deal with India will give the Philippines access to a market of more than 1.4 billion people and aligns with Mr. Marcos’ broader strategy to strengthen economic ties across the Indo-Pacific region.
“Our young, skilled, English-speaking workforce continues to attract global investment, making us a preferred destination for talent,” Mr. Marcos told Indian business leaders. “Our policy direction is very clear — to make the Philippines a trusted, connected, and competitive node in the Indo-Pacific economy.”
He highlighted key economic reforms aimed at improving the country’s investment climate, including the Corporate Recovery and Tax Incentives for Enterprises (CREATE) More Act, the Public-Private Partnership (PPP) Code and green lanes for strategic projects.
He also cited the newly enacted enterprise-based education and training law designed to align the workforce with industry needs.
The President cited the Philippines’ roadmap for long-term industrial cooperation in six priority areas — electric vehicles, advanced electronics, renewable energy, high-tech agriculture, healthcare and cybersecurity.
Mr. Marcos also highlighted the Philippines’ interest in joint ventures with Indian firms in smart manufacturing, mineral processing, shipbuilding and data center infrastructure.
“We see a strong alignment with Indian industries’ global footprint and a tremendous potential for shared success,” he added.
India remains one of the Philippines’ top trading partners, with bilateral trade reaching $3.53 billion in fiscal year 2023–2024, up from $3.05 billion a year earlier, according to the Indian Embassy in Manila.
India exports engineering goods, medicines, chemicals, rice, meat, and electronics to the Philippines, while the Philippines ships semiconductors, copper, plastics, and animal feed in return. — Chloe Mari A. Hufana
