Philippines, India working on preferential trade agreement: Ambassador Josel Ignacio
New Delhi, July 22
India and the Philippines are working toward a Preferential Trade Agreement with the objective of expanding the range of goods traded between the two countries while investment cooperation is also growing steadily, the Philippines Ambassador to India, Josel F. Ignacio, said on Wednesday.
The bilateral trade continues to grow and after crossing the US$3 billion mark in 2023, it is now approaching US$4 billion, he told IANS in an exclusive interview.
"Several Indian companies are already operating successfully in the Philippines, particularly in information technology, business process management, pharmaceuticals and infrastructure. We welcome even more Indian businesses to explore the many opportunities available in the Philippines through our improving business environment and investment incentives," the Ambassador said.
At the same time, Philippine companies are increasingly investing in India, particularly in renewable energy and the food sector and more business delegations from both countries are expected to visit each other in the coming months, which will further strengthen the economic partnership, he added.
"Prime Minister Modi has transformed India in many ways. Today's India is very different from what it was decades ago," he remarked.
"We see India making significant progress towards the vision of Viksit Bharat, and the Philippines fully supports India's developmental aspirations. Under our current leadership, both countries are building an increasingly strong partnership, and Prime Minister Modi deserves considerable credit for elevating India-Philippines relations to their present level," he observed.
Ignacio also highlighted that the Philippines is closely following India's Semiconductor Mission.
"This initiative reflects the bold vision of the Government of India under Prime Minister Modi, and we wish India every success," he remarked.
He stated that the Philippines has been an important part of the global semiconductor supply chain for more than 50 years, particularly in chip assembly, testing and packaging. The country is now seeking to move further up the semiconductor value chain. Technology including artificial intelligence is increasingly driving global economic growth, and semiconductors lie at the heart of this transformation, he added.
"Both India and the Philippines have strengths in this sector, and we believe there are significant opportunities for cooperation where both countries can leverage each other's expertise," the Ambassador said.
He pointed out that India and the Philippines share common priorities, including economic prosperity, connectivity, the rule of law, food security, energy security and digital public infrastructure.
The Ambassador further stated that people-to-people relations between the two countries have also improved tremendously. There are direct flights between the two countries. Tourism is increasing in both directions, supported by a more relaxed visa policy as Indians can now travel to the Philippines visa-free for up to 14 days for tourism or short-term business.
All these developments reflect the strong foundation of our relationship and provide an excellent basis for future growth, he added.
— IANS
Reader Comments
Really happy to see India's semiconductor mission getting international attention. The Philippines has been in chip assembly for over 50 years—smart to learn from their experience. Viksit Bharat needs such collaborations. But I hope the PTA benefits small exporters too, not just big companies. 🤔
As someone working in IT services, I can vouch for the Philippines as a great destination for Indian companies. The English-speaking workforce and business-friendly policies make it attractive. Good to see both sides investing in renewable energy too—that's the future. Let's hope the PTA is signed soon. 💪
Good that the ambassador praised Modi's transformation of India, but let's not forget that India-Philippines relations have been growing steadily for years. The real test will be implementation—how quickly can we reduce tariffs and non-tariff barriers? Also, Indian tourists will love the visa-free travel. 🇮🇳🇵🇭
This is excellent for both economies. The Philippines has a growing middle class and Indian pharma companies can really help with affordable medicines. Also, the renewable energy partnership is timely given our climate goals. Just wish the PTA could include more agricultural goods—our farmers need better export markets. 🌾
Interesting to see India-Pacific trade corridors strengthening. As someone who works in trade policy, the semiconductor cooperation could be a game-changer—India's design talent combined with Philippines' packaging expertise could challenge China's dominance. But we need to move fast before other countries
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