Several major Indian technology and manufacturing companies are planning to invest up to $66.78 million in the Philippines. The projects could create as many as 7,500 new jobs in different parts of the country. These plans were discussed during a meeting between Philippine President Ferdinand Marcos Jr. and Indian business leaders. Trade Secretary Cristina Roque and Finance Secretary Frederick Go also attended the meeting.
Cognizant is looking at expanding its operations in the Philippines. The company could create 3,000 to 5,000 jobs over the next three years in areas such as artificial intelligence (AI), cybersecurity and digital engineering. Possible locations include Tarlac, Clark, Cagayan de Oro, Dumaguete and Urdaneta.
HCLTech also said it will invest around $10 million in the country. It already provides technology services to more than 70 clients in the Philippines and plans to increase training in AI and cybersecurity. Meanwhile, VVDN Technology is another company planning an electronics assembly and testing facility worth between $10 million and $50 million. The project could create around 500 manufacturing jobs. Subic, First Philippine Industrial Park and Laguna are being considered as possible locations.
Moreover, Hinduja Global Solutions unveiled that they will also invest about $6 million in digital staffing centres in Metro Manila, which could create 1,200 skilled jobs. Its automotive company, Ashok Leyland, has also discussed plans for a commercial vehicle assembly project in Cebu.
Also Read: BRICS Business Leaders Boost Investments and Tech Ties
The Philippine government says it is using the CREATE MORE Act and the Green Lane system to make investment easier for foreign companies. Indian companies already have about $84.7 million in investments in the Philippines.
