Finance Secretary Carlos Dominguez III meets with Indian Ambassador to the Philippines Jaideep Mazumdar and during that said meeting the Indian Ambassador revealed that his country “will be happy to offer” to the Philippines a credit line to this USD1-Billion Loan Facility.
Ambassador Mazumdar said that Indian companies remain bullish on the Philippines’ growth prospects and would want to expand their investments hear, particularly in the infrastructure and pharmaceuticals sectors. Sec. Dominguz said that Indian companies are welcome to participate in the Philippines’ economic emergence, especially in the areas of infrastructure and tourism, as he urged India to set up its world-renown hotel brands in the country.
Sec. Dominguez stated during the meeting that the Philippines is now in the process of improving its corporate tax system to make it simpler, fairer and more efficient, and thus attract more foreign direct investments (FDIs), especially in the “industries of the future” to which tax incentives would be granted to encourage them to set up shop here.
He also told the Ambassador that financial technology (fintech) is one other area that the Philippine government wants to tap and develop here to take advantage of digital innovations that would help expand the access of Filipinos to banking and insurance services and make electronic payment systems available to small and medium enterprises — in step with the Duterte administration’s goal of greater financial inclusion.
During the meeting, Dominguez also brought up the possibility of sending DOF personnel to India to train as scholars at that country’s tax institute.
The Philipines and Indian business climate is also on the positive note after several Letters of Intent (LOIs) to invest in the Philippines were signed by Indian or Indian-affiliated companies during President Duterte’s visit to India last January.
These companies include Adani Green Energy Limited (renewable energy), Interglobe Air Transport (tourism), Interglobe Technologies (business process outsourcing or BPO in hospitality industry), KG Information Systems (IT consulting), The Farm at San Benito (Narra Wellness Resorts Inc — medical wellness company, partly owned by Indian Naresh Khattar), and Hinduja Global Solutions (BPO).