Philippines secures $1.25 billion investments from India
Presidential Spokesperson Harry Roque said, “The truth of the matter is even before the start of the ASEAN – India (summit), DTI has already facilitated billions in new investments in the Philippines and they are expected to generate thousands of jobs”
NB: The Philippine Trade and Investment Center in New Delhi is the representative office of the Department of Trade and Industry in India and the commercial section of the Philippine Embassy India.
NB: The Philippine Trade and Investment Center in New Delhi is the representative office of the Department of Trade and Industry in India and the commercial section of the Philippine Embassy India.
NEW DELHI – The Philippines has drawn at least $1.25 billion worth of investment pledges from Indian firms that are expected to create 10,000 jobs.
Presidential spokesman Harry Roque said Indian companies have been meeting with officials of the Department of Trade and Industry (DTI) on the sidelines of the Association of Southeast Asian Nations (ASEAN) – India Commemorative Summit to discuss their investment plans.
President Duterte is here to attend the summit, which highlighted the need to further increase the engagement between India and the regional bloc.
“The truth of the matter is even before the start of the ASEAN – India (summit), DTI has already facilitated billions in new investments in the Philippines and they are expected to generate thousands of jobs,” Roque said yesterday in a press briefing.
The amount does not include pledges of companies that have yet to provide estimates of their investments.
“Definitely, it will be higher than $1.25 billion,” Trade Secretary Ramon Lopez remarked.
The bulk or $1 billion of the investment pledges came from Adani Green Energy Ltd., which is planning to expand operations in the Philippines.
“We met Adani Green Energy. Their plan is to expand operation to the Philippines in particular focusing on the renewable energy, building solar panels. They are the biggest in India… So they are now looking for sites for the solar and the wind-based power generation,” Lopez said.
There were also investment pledges from companies involved in information technology, business processing management, software development, tourism and wellness and pharmaceuticals.
The trade department has received seven letters of intent from investors, including Adani.
Other companies that expressed interest to invest in the Philippines were Interglobe Air Transport, Interglobe Technologies, KG Information Systems Private Ltd., Business Process Association of the Philippines, The Farm at San Benito (Narra Wellness Resorts Inc.), which is eyeing to expand in Palawan and Davao and Hinduja Global Solutions, which is planning to hire 2,000 additional workers.
The Philippines’ Board of Investments signed an agreement with Invest India to encourage direct investments in the two countries.
Two memoranda of agreement were signed during Duterte’s visit here.
Meanwhile, the National Association of Software and Services Companies of India and the IT & Business Processing Association of the Philippines, inked a deal seeking to promote the development and growth of the information technology industry.
President Duterte also called for stronger cooperation with India in terms of cheap medicines during his bilateral meeting with Indian Prime Minister Narendra Modi last Wednesday.
Trade Secretary Lopez said a stronger cooperation with Indian pharmaceutical firms would ensure the availability of affordable medicines in the Philippines.
“It’s highlighted that the medicines coming from India are not only affordable but also with high efficacy, very effective. They, in fact, are biggest exporters of medicines to the US and the EU (European Union),” Lopez said.
Lopez also invited Indian pharmaceutical firms to start manufacturing in the Philippines.
“They can make the Philippines as their toll manufacturing hub for medicines that they will supply to the Philippines or making it as a manufacturing hub to export also to their other export markets,” Lopez said.
“We would like to encourage more sourcing of cheaper medicine or what we say affordable medicines from more sources here in India. But at the same time, (we are) encouraging them now to look into manufacturing so that we don’t just rely on importation.”
Lopez said many Indian companies have the technology to provide affordable health care and wellness to Filipinos.
read from source: The Philippine Star
By Alexis Romero (The Philippine Star) | Updated January 26, 2018 - 12:00am
Presidential spokesman Harry Roque said Indian companies have been meeting with officials of the Department of Trade and Industry (DTI) on the sidelines of the Association of Southeast Asian Nations (ASEAN) – India Commemorative Summit to discuss their investment plans.
President Duterte is here to attend the summit, which highlighted the need to further increase the engagement between India and the regional bloc.
“The truth of the matter is even before the start of the ASEAN – India (summit), DTI has already facilitated billions in new investments in the Philippines and they are expected to generate thousands of jobs,” Roque said yesterday in a press briefing.
The amount does not include pledges of companies that have yet to provide estimates of their investments.
“Definitely, it will be higher than $1.25 billion,” Trade Secretary Ramon Lopez remarked.
The bulk or $1 billion of the investment pledges came from Adani Green Energy Ltd., which is planning to expand operations in the Philippines.
“We met Adani Green Energy. Their plan is to expand operation to the Philippines in particular focusing on the renewable energy, building solar panels. They are the biggest in India… So they are now looking for sites for the solar and the wind-based power generation,” Lopez said.
There were also investment pledges from companies involved in information technology, business processing management, software development, tourism and wellness and pharmaceuticals.
The trade department has received seven letters of intent from investors, including Adani.
Other companies that expressed interest to invest in the Philippines were Interglobe Air Transport, Interglobe Technologies, KG Information Systems Private Ltd., Business Process Association of the Philippines, The Farm at San Benito (Narra Wellness Resorts Inc.), which is eyeing to expand in Palawan and Davao and Hinduja Global Solutions, which is planning to hire 2,000 additional workers.
The Philippines’ Board of Investments signed an agreement with Invest India to encourage direct investments in the two countries.
Two memoranda of agreement were signed during Duterte’s visit here.
Meanwhile, the National Association of Software and Services Companies of India and the IT & Business Processing Association of the Philippines, inked a deal seeking to promote the development and growth of the information technology industry.
President Duterte also called for stronger cooperation with India in terms of cheap medicines during his bilateral meeting with Indian Prime Minister Narendra Modi last Wednesday.
Trade Secretary Lopez said a stronger cooperation with Indian pharmaceutical firms would ensure the availability of affordable medicines in the Philippines.
“It’s highlighted that the medicines coming from India are not only affordable but also with high efficacy, very effective. They, in fact, are biggest exporters of medicines to the US and the EU (European Union),” Lopez said.
Lopez also invited Indian pharmaceutical firms to start manufacturing in the Philippines.
“They can make the Philippines as their toll manufacturing hub for medicines that they will supply to the Philippines or making it as a manufacturing hub to export also to their other export markets,” Lopez said.
“We would like to encourage more sourcing of cheaper medicine or what we say affordable medicines from more sources here in India. But at the same time, (we are) encouraging them now to look into manufacturing so that we don’t just rely on importation.”
Lopez said many Indian companies have the technology to provide affordable health care and wellness to Filipinos.
read from source: The Philippine Star
By Alexis Romero (The Philippine Star) | Updated January 26, 2018 - 12:00am
Letter of heartfelt Thanks and Farewell from out-going Commercial Counsellor Michael Alfred V. Ignacio
Greetings from the Philippine Trade & Investment Centre (PTIC) in New Delhi.
I wish to extend my personal gratitude and utmost appreciation to you and your office, for the strong cooperation, optimal collaboration and valuable assistance you have extended my office during my official assignment as Commercial Counsellor in New Delhi.
I would like to inform you that effective 1 July 2017, my official term as Commercial Counsellor at the Philippine Trade & Investment Centre in New Delhi and as the official representative of the Philippine Department (Ministry) of Trade & Industry in India and South Asia, comes to an end as I take on a new and equally important position in the same capacity at the Philippine Trade & Investment Centre in Taipei (the Commercial Affairs Section of the Manila Economic and Cultural Office in Taiwan), effective 1 July 2017, due to the exigencies of the Philippine Foreign Trade Service.
During my relatively short 1 year 10 month, stint in India I am very pleased to note the significant milestones in Philippines-India trade relations, including the holding of a very well represented Joint Working Group on Trade and Investments, which was attended by 15 delegation members from different Ministries and Agencies in the Philippines to engage their Indian counterparts.
In June 2016, the DFA’s Office of the Undersecretary of International Economic Relations came out with the ranking of all Philippine Foreign Service Posts and Diplomatic Missions Abroad in terms of Economic Ranking performance for the first half of that year, and I am pleased to highlight that during that time, the Philippine New Delhi mission ranked 5th globally, from its previous ranking of 41st, during the preceding period. I would like to think, that our efforts at the Philippine Trade & Investment Centre in New Delhi provided major contributions to this unprecedented achievement because of our continued push and initiatives alongside our most valuable partners.
This June, on my last month as Commercial Counsellor in New Delhi, we have also managed to arrange a strong Philippine private sector representation to the 2017 Delhi Dialogue, in close collaboration with one of our strongest partner institutions, All India Association of Industries, as we arranged and facilitated the speaking engagements of Mr. George T. Barcelon, President of the Philippine Chamber of Commerce and Industry, Ms. Pacita Juan, Chairwoman- ASEAN Women Entrepreneurs Network (AWEN) and Mr. Johnny Chotrani, Chairman of the Philippines India Business Council. Likewise, PTIC New Delhi facilitated the impending signing of a Memorandum of Understanding on mutual trade and investment promotion cooperation between the All India Association of Industries and the Philippines India Business Council.
We have also continuously engaged the top Indian Chambers of Commerce, Business Organisations and Industry Associations to heavily promote stronger Philippines India Trade & Investment cooperation, such as my being engaged in key speakership roles in major national trade and business fora across the country, such as the Special Economic Zones Summit, the ASEAN India Business Forum, National Logistics Summit organised by the top and most important Chambers of Commerce and Business Associations in India, such as Assocham, PHD Chamber, CII, FICCI and FIEO. Earlier this year, PTIC New Delhi, partnered with the World Trade Centre in Mumbai and the All India Association Industries to bring DTI Undersecretary (Vice Minister) Nora K. Terrado as a keynote speaker at the Global Economic Summit on Women Empowerment. World Trade Centre Mumbai and All India Association of Industries remain one of our strongest partners in promoting trade and investment ties between the two countries. We have also travelled all over India, to important business capitals such as Mumbai, Kolkata, Chennai and Pune to promote increased business activities with the Philippines.
Cooperation in IT & BPM remains one of our two countries’ top business and trade engagements. As such, PTIC New Delhi has consistently engaged NASSCOM and facilitated the Philippines’ strong representation at the annual NASSCOM India Leadership Forum held in Mumbai in 2016 and 2017. In 2017, PTIC organised strategic partnership meetings between the leaderships of the world’s two largest IT-BPM Industry Associations, well attended by the leaderships of both the IT-Business Process Association of the Philippines (IBPAP) and NASSCOM. We are pleased to note, that many other next-tier Indian IT-BPM companies, have followed the lead of India's Top 14 IT-BPM companies in establishing their secondary global delivery centers in the Philippines, which undoubtedly contribute to these companies' global value and revenues.
We have also successfully introduced strategic partnerships between Indian and Philippine Automotive Industries, which resulted in the decision to establish assembly plant investments in the Philippines of at least two Indian based auto manufacturers.
We also strongly promoted Philippine education services as the next high-potential service offering from the Philippines to Indian students, alongside the Chair and Founder of the India Philippines Business Advisory Council Mr. Kapil Rampal. If done right, the potentials of the Philippine Education Services could be the next major revenue earner for the Philippine economy.
One of our strongest advocacies during the past year and a half, was to promote direct air connectivities between India and the Philippines. PTIC New Delhi continuously brought together officials and leaders of both Indian and Philippine travel and aviation industries and we are pleased to report that soon, direct flights between the two countries will become a reality.
Special thanks go to Mr. Johnny Chotrani of the Philippines India Business Council in Manila and Mr. Rex Daryanani, President of the Federation of Indian Chambers of Commerce in the Philippines, for their constant cooperation and assistance.
I specifically wish to thank the strong and unequivocal support of our Honorary Consuls General and Honorary Consuls across India, Nepal and Sri Lanka. I maintain that the Philippines is very fortunate to be very well-represented by Honorary Consuls General in India and South Asia, who are well-respected, highly successful and esteemed business leaders in their own right, and have tirelessly and selflessly and effectively promoted Philippine-Indian relations for many years alongside our past ambassadors. Consul General Rajashree Birla in Mumbai, Consul General Deepak Kumar Khemka in Kolkata, Consul General Ashwin Muthiah in Chennai, Consul General Hugh Sriyal Dissanayake in Colombo and Consul General Suraj Vaidya in Kathmandu, are the gems of the Philippine representation in India and the South Asian Region.
I also wish to thank His Excellency Ambassador Vicente Vicencio Bandillo, Philippine Ambassador in Bangladesh for the mutual respect and ready cooperation extended to our office to promote Philippine Business in Bangladesh and Sri Lanka. My gratitude goes to my Philippine Embassy New Delhi colleagues who have provided me their unconditional strong cooperation and unwavering support during my time in India, specifically the current Defense and Armed Forces Attaché in New Delhi Col. Raymundo Acorda, PA, MNSA and the previous Defence and Armed Forces Attache, Philippine Navy Commodore Sean Anthony Villa, PN (currently serving as Commander of the Philippine Offshore Combat Force, Philippine Fleet), Consul Fernando V. Beup, Jr. (now serving as Director for Planning in the Department of Foreign Affairs in Manila, and Vice Consul Maria Rosanna O. Josue, who formerly served as Economic Officer of the Philippine Embassy, for the top-level and professional collaboration which undoubtedly produced undeniable results in our trade and investment promotion initiatives in India. Also, I wish to express my thanks and gratitude for prominent Filipinos who tirelessly promote the Philippines and its culture through their own respective undertaking. Special mention goes to Chef Augusto Cabrera, executive chef at the top and multi-awarded New Delhi restaurants Khan Market, Mr. Choy and Public Affairs.
I also wish to thank our counterparts in the Ministry of Commerce in India, and the Ministry of External Affairs for the continued top level engagement and assistance.
Lastly, I wish to thank my highly professional and very competent colleagues at the Philippine Trade and Investment Centre in New Delhi, Mr. Tarun Sharma - Commercial Officer and Ms. Ruby Delos Santos, Trade and Investment Promotion Officer for their unwavering and consistent valuable contributions and support. PTIC New Delhi will continue to serve its publics with the same level of professional service and valuable assistance in promoting trade and investments for the Philippines. PTIC New Delhi has been very active with its web presence, which effectively facilitated in bringing more investments and trade from India and South Asia: www.investphilippinesindia.org.
You may also wish to follow us at our official social media accounts www.twitter.com/phbizindia
and www.facebook.com/investphilippinesindia
I leave you with an article I penned and was published in the Business Mirror last 21 June 2017, Exploring Vast Potentials of the Indian Market for the Philippines, which I think best summarises our efforts to promote stronger trade and investment cooperation between India and the Philippines. http://www.businessmirror.com.ph/exploring-vast-potentials-of-indian-market/.
Most of all, I would like to thank you and everyone who have interacted and worked with us, to bring the Philippines closer together through trade and investments and other business cooperation.
Thank you and Namaste!
Michael Alfred V. Ignacio [signed]
Commercial Counsellor
The Philippine Trade & Investment Center in New Delhi
Commercial Section of the Embassy of the Republic of the Philippines
I wish to extend my personal gratitude and utmost appreciation to you and your office, for the strong cooperation, optimal collaboration and valuable assistance you have extended my office during my official assignment as Commercial Counsellor in New Delhi.
I would like to inform you that effective 1 July 2017, my official term as Commercial Counsellor at the Philippine Trade & Investment Centre in New Delhi and as the official representative of the Philippine Department (Ministry) of Trade & Industry in India and South Asia, comes to an end as I take on a new and equally important position in the same capacity at the Philippine Trade & Investment Centre in Taipei (the Commercial Affairs Section of the Manila Economic and Cultural Office in Taiwan), effective 1 July 2017, due to the exigencies of the Philippine Foreign Trade Service.
During my relatively short 1 year 10 month, stint in India I am very pleased to note the significant milestones in Philippines-India trade relations, including the holding of a very well represented Joint Working Group on Trade and Investments, which was attended by 15 delegation members from different Ministries and Agencies in the Philippines to engage their Indian counterparts.
In June 2016, the DFA’s Office of the Undersecretary of International Economic Relations came out with the ranking of all Philippine Foreign Service Posts and Diplomatic Missions Abroad in terms of Economic Ranking performance for the first half of that year, and I am pleased to highlight that during that time, the Philippine New Delhi mission ranked 5th globally, from its previous ranking of 41st, during the preceding period. I would like to think, that our efforts at the Philippine Trade & Investment Centre in New Delhi provided major contributions to this unprecedented achievement because of our continued push and initiatives alongside our most valuable partners.
This June, on my last month as Commercial Counsellor in New Delhi, we have also managed to arrange a strong Philippine private sector representation to the 2017 Delhi Dialogue, in close collaboration with one of our strongest partner institutions, All India Association of Industries, as we arranged and facilitated the speaking engagements of Mr. George T. Barcelon, President of the Philippine Chamber of Commerce and Industry, Ms. Pacita Juan, Chairwoman- ASEAN Women Entrepreneurs Network (AWEN) and Mr. Johnny Chotrani, Chairman of the Philippines India Business Council. Likewise, PTIC New Delhi facilitated the impending signing of a Memorandum of Understanding on mutual trade and investment promotion cooperation between the All India Association of Industries and the Philippines India Business Council.
We have also continuously engaged the top Indian Chambers of Commerce, Business Organisations and Industry Associations to heavily promote stronger Philippines India Trade & Investment cooperation, such as my being engaged in key speakership roles in major national trade and business fora across the country, such as the Special Economic Zones Summit, the ASEAN India Business Forum, National Logistics Summit organised by the top and most important Chambers of Commerce and Business Associations in India, such as Assocham, PHD Chamber, CII, FICCI and FIEO. Earlier this year, PTIC New Delhi, partnered with the World Trade Centre in Mumbai and the All India Association Industries to bring DTI Undersecretary (Vice Minister) Nora K. Terrado as a keynote speaker at the Global Economic Summit on Women Empowerment. World Trade Centre Mumbai and All India Association of Industries remain one of our strongest partners in promoting trade and investment ties between the two countries. We have also travelled all over India, to important business capitals such as Mumbai, Kolkata, Chennai and Pune to promote increased business activities with the Philippines.
Cooperation in IT & BPM remains one of our two countries’ top business and trade engagements. As such, PTIC New Delhi has consistently engaged NASSCOM and facilitated the Philippines’ strong representation at the annual NASSCOM India Leadership Forum held in Mumbai in 2016 and 2017. In 2017, PTIC organised strategic partnership meetings between the leaderships of the world’s two largest IT-BPM Industry Associations, well attended by the leaderships of both the IT-Business Process Association of the Philippines (IBPAP) and NASSCOM. We are pleased to note, that many other next-tier Indian IT-BPM companies, have followed the lead of India's Top 14 IT-BPM companies in establishing their secondary global delivery centers in the Philippines, which undoubtedly contribute to these companies' global value and revenues.
We have also successfully introduced strategic partnerships between Indian and Philippine Automotive Industries, which resulted in the decision to establish assembly plant investments in the Philippines of at least two Indian based auto manufacturers.
We also strongly promoted Philippine education services as the next high-potential service offering from the Philippines to Indian students, alongside the Chair and Founder of the India Philippines Business Advisory Council Mr. Kapil Rampal. If done right, the potentials of the Philippine Education Services could be the next major revenue earner for the Philippine economy.
One of our strongest advocacies during the past year and a half, was to promote direct air connectivities between India and the Philippines. PTIC New Delhi continuously brought together officials and leaders of both Indian and Philippine travel and aviation industries and we are pleased to report that soon, direct flights between the two countries will become a reality.
Special thanks go to Mr. Johnny Chotrani of the Philippines India Business Council in Manila and Mr. Rex Daryanani, President of the Federation of Indian Chambers of Commerce in the Philippines, for their constant cooperation and assistance.
I specifically wish to thank the strong and unequivocal support of our Honorary Consuls General and Honorary Consuls across India, Nepal and Sri Lanka. I maintain that the Philippines is very fortunate to be very well-represented by Honorary Consuls General in India and South Asia, who are well-respected, highly successful and esteemed business leaders in their own right, and have tirelessly and selflessly and effectively promoted Philippine-Indian relations for many years alongside our past ambassadors. Consul General Rajashree Birla in Mumbai, Consul General Deepak Kumar Khemka in Kolkata, Consul General Ashwin Muthiah in Chennai, Consul General Hugh Sriyal Dissanayake in Colombo and Consul General Suraj Vaidya in Kathmandu, are the gems of the Philippine representation in India and the South Asian Region.
I also wish to thank His Excellency Ambassador Vicente Vicencio Bandillo, Philippine Ambassador in Bangladesh for the mutual respect and ready cooperation extended to our office to promote Philippine Business in Bangladesh and Sri Lanka. My gratitude goes to my Philippine Embassy New Delhi colleagues who have provided me their unconditional strong cooperation and unwavering support during my time in India, specifically the current Defense and Armed Forces Attaché in New Delhi Col. Raymundo Acorda, PA, MNSA and the previous Defence and Armed Forces Attache, Philippine Navy Commodore Sean Anthony Villa, PN (currently serving as Commander of the Philippine Offshore Combat Force, Philippine Fleet), Consul Fernando V. Beup, Jr. (now serving as Director for Planning in the Department of Foreign Affairs in Manila, and Vice Consul Maria Rosanna O. Josue, who formerly served as Economic Officer of the Philippine Embassy, for the top-level and professional collaboration which undoubtedly produced undeniable results in our trade and investment promotion initiatives in India. Also, I wish to express my thanks and gratitude for prominent Filipinos who tirelessly promote the Philippines and its culture through their own respective undertaking. Special mention goes to Chef Augusto Cabrera, executive chef at the top and multi-awarded New Delhi restaurants Khan Market, Mr. Choy and Public Affairs.
I also wish to thank our counterparts in the Ministry of Commerce in India, and the Ministry of External Affairs for the continued top level engagement and assistance.
Lastly, I wish to thank my highly professional and very competent colleagues at the Philippine Trade and Investment Centre in New Delhi, Mr. Tarun Sharma - Commercial Officer and Ms. Ruby Delos Santos, Trade and Investment Promotion Officer for their unwavering and consistent valuable contributions and support. PTIC New Delhi will continue to serve its publics with the same level of professional service and valuable assistance in promoting trade and investments for the Philippines. PTIC New Delhi has been very active with its web presence, which effectively facilitated in bringing more investments and trade from India and South Asia: www.investphilippinesindia.org.
You may also wish to follow us at our official social media accounts www.twitter.com/phbizindia
and www.facebook.com/investphilippinesindia
I leave you with an article I penned and was published in the Business Mirror last 21 June 2017, Exploring Vast Potentials of the Indian Market for the Philippines, which I think best summarises our efforts to promote stronger trade and investment cooperation between India and the Philippines. http://www.businessmirror.com.ph/exploring-vast-potentials-of-indian-market/.
Most of all, I would like to thank you and everyone who have interacted and worked with us, to bring the Philippines closer together through trade and investments and other business cooperation.
Thank you and Namaste!
Michael Alfred V. Ignacio [signed]
Commercial Counsellor
The Philippine Trade & Investment Center in New Delhi
Commercial Section of the Embassy of the Republic of the Philippines
Philippine Independence Day 2017
Message of Secretary (Minister) Ramon M. Lopez
Department of Trade and Industry
Today, we celebrate the 119th year since we first declared our nation’s independence.
In remembrance of our heroes, who sacrificed their lives for the country, we mark the 12th of June every year to treasure the gift they have bequeathed for all Filipinos.
Though it has been 119 years since we first won our independence as a nation, there are struggles that we continue to bear--one for independence from poverty, given that many of our fellow countrymen are trapped at the bottom of the economic pyramid.
The Department of Trade and Industry (DTI) is at the forefront of the attempt to bring shared prosperity for all. Guiding our efforts is President Rodrigo Duterte’s 10-point Socio-Economic Agenda and “Dutertenomics,” which aims to widen the gains of the Philippines’ economic development, to address inequality, and to uplift the quality of life of all Filipinos.
Whether by attracting investment interest from traditional and non-traditional trading partners or through government support programs that help our micro, small, and medium enterprises (MSMEs) that serve as the backbone of our economy, DTI’s initiatives help create more jobs and income opportunities, while also improving the lives of our countrymen.
The country posted one of the fastest growth rates in Asia in 2016 at 6.8 percent. The growth trajectory is projected to carry on at 6.4 percent this year and 6.6 percent in 2018, as projected by the World Bank. Crucial to sustaining such robust growth is our efforts to improve the business climate in the country through accelerated infrastructure spending, prudent economic management and good governance. Our industry-level reforms and implementing programs also continue to encourage foreign investments.
Increased investor confidence is at a high point, as evidenced by the number of exploratory visits from other countries. Foreign direct investments grew 13 percent to US$689 million in the first month of 2017 from $605 million in the same period last year. Meanwhile, exports grew by 21 percent from US$4.61 billion in March 2016 to US$5.58 billion in March 2017, while imports grew 24 percent from US$6.36 billion in March 2016 to US$7.88 billion in March 2017.
The Board of Investments (BOI) had approved investment pledges worth P154- billion of projects from January to April, up 31 percent year on year. This is equivalent to 46,018 jobs to be generated compared to 16,366 generated last year or a growth of 181 percent.
Furthermore, the Philippines is currently ranked 99th out of 190 economies as measured in the 2016 Doing Business report, a significant gain of 49 spots in the Doing Business report since 2011, which is the largest in ASEAN.
At the domestic front, public service initiatives continue to progress. Of the 488 Negosyo Centers operating nationwide, 241 were established since President Duterte assumed office and these centers have assisted a total of 473,969 MSMEs by rendering 645,925 services. These centers along with the other infrastructures of entrepreneurship help existing and aspiring Filipino MSMEs in their unique entrepreneurial journeys. We would also like to mention that our microfinancing program, the Pondo sa Pagbabago at Pag-asenso (P3), which provides microenterprises an alternative source of financing, has now been launched nationwide.
Lastly, with the Philippines helming the ASEAN regional meet this year, DTI has managed to push for an inclusive, innovation-led growth by putting our MSMEs at the front and center of our trade agenda with our regional neighbors.
As the Philippines’ premier trade agency, DTI remains committed in its goal to promote the local trade and industry to wider world even as it pursues greater business opportunities that would help our Filipino countrymen share in the benefits of country’s economic growth.
The Philippines, as an independent nation that is proud to stand on its own, is ready to do business with the world.
Mabuhay!
Ramon M. Lopez (signed)
Secretary
Department of Trade & Industry
In remembrance of our heroes, who sacrificed their lives for the country, we mark the 12th of June every year to treasure the gift they have bequeathed for all Filipinos.
Though it has been 119 years since we first won our independence as a nation, there are struggles that we continue to bear--one for independence from poverty, given that many of our fellow countrymen are trapped at the bottom of the economic pyramid.
The Department of Trade and Industry (DTI) is at the forefront of the attempt to bring shared prosperity for all. Guiding our efforts is President Rodrigo Duterte’s 10-point Socio-Economic Agenda and “Dutertenomics,” which aims to widen the gains of the Philippines’ economic development, to address inequality, and to uplift the quality of life of all Filipinos.
Whether by attracting investment interest from traditional and non-traditional trading partners or through government support programs that help our micro, small, and medium enterprises (MSMEs) that serve as the backbone of our economy, DTI’s initiatives help create more jobs and income opportunities, while also improving the lives of our countrymen.
The country posted one of the fastest growth rates in Asia in 2016 at 6.8 percent. The growth trajectory is projected to carry on at 6.4 percent this year and 6.6 percent in 2018, as projected by the World Bank. Crucial to sustaining such robust growth is our efforts to improve the business climate in the country through accelerated infrastructure spending, prudent economic management and good governance. Our industry-level reforms and implementing programs also continue to encourage foreign investments.
Increased investor confidence is at a high point, as evidenced by the number of exploratory visits from other countries. Foreign direct investments grew 13 percent to US$689 million in the first month of 2017 from $605 million in the same period last year. Meanwhile, exports grew by 21 percent from US$4.61 billion in March 2016 to US$5.58 billion in March 2017, while imports grew 24 percent from US$6.36 billion in March 2016 to US$7.88 billion in March 2017.
The Board of Investments (BOI) had approved investment pledges worth P154- billion of projects from January to April, up 31 percent year on year. This is equivalent to 46,018 jobs to be generated compared to 16,366 generated last year or a growth of 181 percent.
Furthermore, the Philippines is currently ranked 99th out of 190 economies as measured in the 2016 Doing Business report, a significant gain of 49 spots in the Doing Business report since 2011, which is the largest in ASEAN.
At the domestic front, public service initiatives continue to progress. Of the 488 Negosyo Centers operating nationwide, 241 were established since President Duterte assumed office and these centers have assisted a total of 473,969 MSMEs by rendering 645,925 services. These centers along with the other infrastructures of entrepreneurship help existing and aspiring Filipino MSMEs in their unique entrepreneurial journeys. We would also like to mention that our microfinancing program, the Pondo sa Pagbabago at Pag-asenso (P3), which provides microenterprises an alternative source of financing, has now been launched nationwide.
Lastly, with the Philippines helming the ASEAN regional meet this year, DTI has managed to push for an inclusive, innovation-led growth by putting our MSMEs at the front and center of our trade agenda with our regional neighbors.
As the Philippines’ premier trade agency, DTI remains committed in its goal to promote the local trade and industry to wider world even as it pursues greater business opportunities that would help our Filipino countrymen share in the benefits of country’s economic growth.
The Philippines, as an independent nation that is proud to stand on its own, is ready to do business with the world.
Mabuhay!
Ramon M. Lopez (signed)
Secretary
Department of Trade & Industry
Watch: Philippines hosts ASEAN at its 50th Year: A Booming 622 Milllion Market, among the fastest growing regions in the world
Photo Release: Philippines - India Business Round Table Meeting & Executive Briefing with Undersecretary Nora K. Terrado (Vice Minister)
The Philippine Trade & Investment Centre New Delhi, in close cooperation with the World Trade Centre Mumbai and the All India Association of Industries today held a Business Round Table and Executive Briefing for Business leaders at the Committee Room of WTC Mumbai to discuss stronger trade and investment cooperation between two of the fastest growing economies of the world, India and the Philippines, with DTI Undersecretary Nora K. Terrado, who was in Mumbai as one of the inaugural speakers of the Global Economic Summit on Women Empowerment.
Meeting between two of the world's largest IT/BPM Industry Associations held today at the sidelines of NASSCOM ILF 2017
Mumbai, 16 February 2017- Two of the world's largest national IT/BPM industry associations met today to discuss stronger collaboration at @Nasscom_ILF. The Philippine Trade and Investment Center in New Delhi, commercial section of the embassy of the Philippines in New Delhi organized a meeting between top executives of the IT & Business Process Association of the Philippines #IBPAP and India's #NASSCOM at the sidelines of NASSCOM India Leadership Forum.
Expand. Partner. Grow.
14 of India's largest IT/BPM conglomerates have since strategically chosen to partner with and locate in the Philippines as their secondary location to further grow and add value to their global business ... explore how we can partner together to grow yours …
and to rise up to the new challenges facing the industry in the world today…
Meet and Network with members of the Philippine delegation to the NASSCOM India Leadership Forum 2017in Mumbai this 15-17 February 2017.
Email us to arrange B2B Meetings at the sidelines of NILF 2017.
india@dti.gov.ph @phbizindia . investphilippinesindia.org
IFEX PHilippines 2017:
Asia's Ethnic Food & Ingredients Show - An Exclusive Invitation
The Philippine Trade & Investment Center in New Delhi cordially invite you to
IFEX Philippines 2017: Asia's Ethnic Food & Ingredients Show
to be held at the World Trade Center Metro Manila from 19-21 May 2017.
For inquiries about the event, and more information about our VIB (Very Important Buyers) Program,
contact us at india@dti.gov.ph
IFEX Philippines 2017: Asia's Ethnic Food & Ingredients Show
to be held at the World Trade Center Metro Manila from 19-21 May 2017.
For inquiries about the event, and more information about our VIB (Very Important Buyers) Program,
contact us at india@dti.gov.ph
Breaking Newss: Philippines Posts Strongest Economic Growth in Asia at 7.1%
The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more. Stocks gained.
Key Points
Undeterred by risks such as Donald Trump’s protectionist ambitions and President Rodrigo Duterte’s rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Last quarter’s growth exceeded China’s 6.7 percent and Vietnam’s 6.4 percent in the same period. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September.
Gifted with a young population and backed by $50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte’s $160 billion-infrastructure plan aimed at creating jobs. Projects include at least $1 billion of contracts to build an airport and a railway to transform a former U.S. military base into a commercial hub.
Markets
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Key Points
- Gross domestic product increased 7.1 percent from a year earlier, the Philippine Statistics Authority said in Manila Thursday. The median estimate of 15 economists surveyed by Bloomberg was 6.7 percent
- Compared with the previous quarter, GDP rose 1.2 percent, in line with economists’ estimates
Undeterred by risks such as Donald Trump’s protectionist ambitions and President Rodrigo Duterte’s rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Last quarter’s growth exceeded China’s 6.7 percent and Vietnam’s 6.4 percent in the same period. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September.
Gifted with a young population and backed by $50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte’s $160 billion-infrastructure plan aimed at creating jobs. Projects include at least $1 billion of contracts to build an airport and a railway to transform a former U.S. military base into a commercial hub.
Markets
- Philippine stocks rose a second day, climbing as much as 2.2 percent. They were up 1.1 percent as of 11:01 a.m. in Manila.
- The peso was little changed at 49.32 per dollar.
- “Philippines will remain an outperformer in the region,” said Rahul Bajoria, a senior economist at Barclays Plc in Singapore. “It is domestically driven, with consumption holding up quite well and the fiscal spending being planned. The global risks we’re seeing including to trade won’t fundamentally alter its prospects.”
- “In the short term at least, we expect the economy will continue growing at a decent pace,” Gareth Leather, senior Asia economist at Capital Economics Ltd. in London, said in a note. “The foundations are in place for growth to remain strong, but recent political events, both in the US and domestically, have made the outlook much less certain.”
- “Putting money on infrastructure-related stocks is the smart bet and it’s exactly what I am doing,” said John Padilla, who helps manage about $9.1 billion at Metropolitan Bank & Trust Co., the Philippines third-largest money manager. “This growth poses now more challenge for President Duterte to keep the pace. It supports the view that Philippines needs infrastructure to sustain this growth."
- Household spending, which makes up about 70 percent of GDP, rose 7.3 percent from a year earlier
- Government spending gained 3.1 percent
- Investment surged 20 percent
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Photo Release: Philippine Business Round Table with The World Trade Center Mumbai: Strategic Trade and Investment Opportunities with the Philippines
WTC Mumbai in close collaboration with the Philippine Trade and Investment Center in New Delhi (Commercial Section of the Embassy of the Philippines), today held a Business Round Table: Strategic Trade and Investment Opportunities with the Philippines. WTC Mumbai Vice Chairman Captain Somesh Batra and WTC Executive Director Mr. Warekar , Philippine Commercial Counsellor Michael Alfred V. Ignacio, Birla Group CFO for Textiles and Acrylics Mr Kedia and Philippine Honorary Vice Consul Moorthy (on behalf of PH Consul General Mrs Rajashree Birla) composed the executive panel and delivered presentations and Speeches to promote Business Collaboration for Trade and Investments in priority sectors such as ITES and BPO Services, Investments in Automotive Components Manufacturing, Marketing and Distribution of PH electronics and semi-conductors, PPP and Infrastructure development and Niche Design Driven High Innovation Products.
Breaking News: Philippines GDP grows 7% in Q2 2016
Boosted by a strong start to 2016, the Philippine economy grew 7% in the second quarter of the year.
The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%.
Thursday's announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
"Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5%," Pernia said.
Data for India, he added, is not yet available but some forecasts put it above 7%.
Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.
read more here
The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%.
Thursday's announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
"Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5%," Pernia said.
Data for India, he added, is not yet available but some forecasts put it above 7%.
Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.
read more here
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