MANILA, Philippines (UPDATED) – Seven letters of intent to invest in the Philippines were signed by Indian or Indian-affiliated companies during President Rodrigo Duterte’s visit to India on Wednesday, January 24.
Duterte and Indian Prime Minister Narendra Modi witnessed the signing of these documents after their bilateral meeting in Hyderabad House in New Delhi.
The 7 letters of intent are from the following companies:
- LOI of Adani Green Energy Limited – Declares intention of the company to expand its operations in the Philippines. It is involved in setting up and operating renewable energy power plants, specifically solar and wind power.
- LOI of Interglobe Air Transport – Declares intention to represent Philippine Airlines in order to promote Philippine tourism to Indians. A company with 25 years of experience as a general sales agent in India, it also aims to partner with the Department of Tourism.
- LOI of Interglobe Technologies – Declares plan to expand operations with two more centers, creating “thousands” of jobs for Filipinos in the Business Process Outsourcing industry. The company is a BPO service provider focused on the travel and hospitality industry. They also intend to set up in-house “travel schools” that teach skills for management and customer services.
- LOI of KG Information Systems Private Limited – This IT consulting and services company declares its intention to start operations in the Philippines.
- LOI of IT and Business Process Association of the Philippines – Declares intention of the group to support the Philippines’ information technology and business process management industry.
- LOI of The Farm at San Benito (Narra Wellness Resorts Inc) – This medical wellness company, partly owned by Indian Naresh Khattar, declares its intention to expand operations to Palawan and Davao.
- LOI of Hinduja Global Solutions – This BPO company declares its intention to expand its operations in the Philippines through an additional two centers.
Worth of investment, jobs
Trade Secretary Ramon Lopez gave figures on the worth of investments signified in the Letters of Intent.
Adani Green Energy Limited planned investment may be worth $1.25 billion and is seen to generate 3,000 jobs, said Lopez on Thursday during a press conference.
Hinduja Global Solutions sees itself investing up to $20 million, an investment expected to generate 2,000 jobs.
The Farm at San Benito’s expansion may require an investment of $30 million, creating 500 jobs, said Lopez.
Duterte’s official delegation was accompanied by a “very small” business delegation of “close to 50” persons, said Presidential Spokesman Harry Roque.
These persons are members of the Philippine Chamber of Commerce and Industry, Indian Chamber, and the Federation of Indian Chamber of Commerce, he said. – Rappler.com