The Philippines and Indian governments are seeking ways to enhance economic cooperation, especially in the areas of financial and digital technologies and infrastructure development, the Department of Finance said over the weekend.
In a recent virtual courtesy call on Finance Secretary Carlos Dominguez III, Indian Ambassador to the Philippines Shambhu Kumaran expressed India’s interest in strengthening its cooperation with the Philippines in the fields of banking and finance, particularly on expanding the use of fintech to help attain President Duterte’s goal of financial inclusion for all Filipinos.
Both officials acknowledged the numerous mutually beneficial opportunities open to the Philippines and India as economic partners in the Indo-Pacific region, as both countries are poised to strongly bounce back in 2021 from the economic impact of the COVID-19 pandemic.
Ambassador Kumaran said India could lend its expertise to the Philippines in setting up its national broadband network and a national ID system.
Dominguez welcomed Kumaran’s offer of assistance and invited Indian companies to participate in the upcoming rollout of a shared cyber-defense plan for Philippine state-run banks and their subsidiaries.
Dominguez also expressed his appreciation for India’s interest in helping the government implement its digital transformation programs that aim to expand financial inclusion among Filipinos, upgrade the delivery of frontline government services and further curb official corruption.
Kumaran said during the virtual meeting Indian companies were interested in taking part in the Duterte administration’s “Build, Build, Build” program but were in need of more information on the various opportunities available to them under the President’s centerpiece infrastructure modernization plan.
To assist prospective investors on this concern, Dominguez and Kumaran agreed to help organize a webinar or online workshop where the Philippines can showcase several opportunities open to India’s companies on infrastructure development, as well as other possible areas of cooperation between Filipino and Indian firms.