- Philippines and India signed 18 agreements, including a key pact to establish a digital academy for skill development.
- The deals span sectors like education, energy, healthcare, manufacturing, and digital services.
- President Marcos highlighted plans to deepen collaboration in education and technology to boost bilateral economic growth.
Eighteen business agreements were signed during the second leg of Philippine President Ferdinand Marcos Jr.'s five-day state visit to India, underscoring efforts to strengthen economic ties between Manila and New Delhi. The deals, covering sectors such as energy, education, business process outsourcing (BPO), manufacturing, health, digital services, and information technology, were announced during the Philippines-India Business Forum held in Bengaluru on August 7.
Among the key agreements was a memorandum of understanding (MOU) between the Bases Conversion and Development Authority (BCDA), Global Heavy Equipment and Construction Corporation, ATD Waste-to-Energy Corp, and India’s Uttamenergy Ltd. to develop a waste-to-energy facility, supporting the Philippines’ focus on renewable energy and sustainable development. Capgemini Philippines signed a letter of intent (LOI) to establish a digital academy in partnership with local academic institutions to boost digital skills in the country. Carelon Global Solutions Philippines also signed an LOI to expand operations in the Philippine IT-BPO healthcare sector.
The Philippine Economic Zone Authority (PEZA) entered into MOUs with Genpact Services LLC and Veer-O-Metals to explore expanding their operations in the Philippines, focusing on precision sheet metal manufacturing and business growth. CostPlus Inc. signed an LOI to expand Philippine operations using new fuel cell technology. Now Corporation and Tata Consultancy Services agreed to explore the development and expansion of digital services, while Hinduja Global Solutions Ltd. and Infosys BPM signed LOIs to grow their business process management (BPM) operations and support digital skills development.
Additional agreements included the LOI of iSON Tower Ltd. Inc. to construct telecommunications towers in the Philippines, and an MOU between Makilala Mining Company Inc. and Kiri Industries Ltd. to explore the development of a copper smelter and refinery. Dr. Lloyd Balajadia signed MOUs with CheQ Digital Private Ltd. to introduce digital payment platforms and e-wallets, with DRA Group India to develop Grade-A commercial office spaces, and with Pi Beam Labs Pvt Ltd (Fyn Mobility) to establish renewable energy and last-mile delivery operations in the Philippines.
Healthcare expansions were marked by NephroPlus’s LOI to grow dialysis center projects and services for chronic kidney disease, and Shearwater Health Advisor’s Inc.’s LOI to expand clinical process outsourcing. Defense collaboration was strengthened through an MOU between Asia Defense and Firepower Corporation (ADFC) and SMPP Ltd. to pursue defense-related projects. Sutherland Global Services signed an LOI to establish an AI academy focused on training in AI, generative AI, and agentic AI.
During the forum, President Marcos highlighted the Philippines’ ongoing structural reforms aimed at making the country a more attractive destination for capital, technology, and talent. “To our esteemed Indian partners, I want to assure you that the Philippine government stands ready to embrace your investments with open arms and with continuing and unwavering support,” he said.
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Marcos also pointed to new investment opportunities in areas where India has global leadership and the Philippines is well-positioned to contribute, including smart manufacturing, green metals, mineral processing, data center infrastructure, shipbuilding, and maritime services. He identified six priority sectors for long-term collaboration between the two countries: electric vehicles, advanced electronics, renewable energy, high-tech agriculture, healthcare, and cybersecurity.
The President further announced the Philippines’ readiness to start formal discussions on a Philippines–India Preferential Trade Agreement (PTA), describing it as a crucial tool to enhance bilateral trade, encourage product diversification, and support modern supply chain integration. “Trade policy is not just a facilitative mechanism – it is a clear signal of trust. And we are prepared to move forward with India on that basis with confidence and a shared vision for prosperity”, Marcos added.
The signing of these agreements during President Marcos’ visit marks a new phase in Philippines-India relations, fostering closer economic cooperation and paving the way for expanded partnerships across key sectors.
