MANILA, Philippines — The Philippines and India are exploring ways of enhancing their economic ties, particularly in the areas of financial and digital technologies and infrastructure development, the Department of Finance (DOF) said.
In a statement, the department said Finance Secretary Carlos Dominguez III and India Ambassador to the Philippines Shambhu Kumaran met recently to discuss both countries’ interests in strengthening their cooperation in the fields of banking and finance.
The DOF said that during his virtual courtesy call, Kumaran offered India’s expertise in setting up the country’s broadband network as well as the national identification system.
Dominguez welcomed the ambassador’s offer of assistance and invited Indian companies to participate in the upcoming rollout of a shared cyber-defense plan for Philippine state-run banks and their subsidiaries, the department added.
The finance chief likewise expressed his appreciation for India’s interest in helping the government implement its digital transformation programs that aim to expand financial inclusion among Filipinos, upgrade the delivery of frontline government services, and further curb corruption among government officials.
Kumaran said Indian companies are interested in taking part in the Duterte administration’s “Build, Build, Build” program but are “in need of more information on the various opportunities available to them under the President’s centerpiece infrastructure modernization plan.”
“To assist prospective investors on this concern, Secretary Dominguez and Ambassador Kumaran agreed to help organize a webinar or online workshop where the Philippines can showcase the various opportunities open to India’s companies on infrastructure development, as well as other possible areas of cooperation between Filipino and Indian firms,” the DOF said.
It was also mentioned during the meeting that an Indian company – GMR Infrastructure Limited – is already taking part in the “Build, Build, Build” program and has performed “impressively” in operating the Mactan Cebu International Airport (MCIA) and expanding the Clark International Airport (CIA).
The Philippines and India rekindled their bilateral ties with the official visits of President Duterte to India in 2017 and 2018, which were followed by a state visit of Indian President Ram Nath Kovind to the Philippines in October 2019, the DOF said.
India and the Philippines established their diplomatic relations on November 16, 1949.
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