Envoy projects investments from India to pour in 2010

The Philippines is looking forward to rake in more investments and increase tourist arrivals from India in the coming year adding to the increasing number it has posted in the previous years.

This was shared by Philippine Ambassador to India Francisco Benedicto, during yesterday’s unveiling of a street in IT park that was named after India.

Benedicto said that they have seen the growing number of tourist arrivals in the country of over 20 to 30 percent for this year alone. A bulk of this number has acquired tourist visas said Benedicto, aside from the large number of student visa holders from the foreign country.

The naming of the street is in line with the commemoration of the establishment of the Philippines-India Diplomatic Relations, which is celebrated this year for the 60th anniversary after being proclaimed in November 1949.

Benedicto, who proposed the naming of the street, said that they are very optimistic with the continuous strong ties the two countries would have especially with the economic ties considering the huge market of India composing of over 1.15 B in population.

He said that investments have been pouring in the Philippines from India in various industries like Business Process Outsourcing companies, garments, and has also extended their interest in venturing in to the mining industry.

Benedicto said that Indo-Phil, a big Indian company in the country dealing with textile, announced that they will make expansions worth P100M.

Aside from this, one of the biggest BPO companies in the country and worldwide Aegis PeopleSupport, is also looking forward for future expansions in the country, specifically in Cebu.

Rajiv Ahuja, Chief Operating Officer for international operations for Aegis said that they are very happy with the outcome of their operations in the Philippines.

In line with this, the 11-story building is already underway at the IT park, which is targeted to be completed by December next year. Also, another phase of the building will be started right after to be finished by March of 2011. This will add more employees, said Ahuja to more than 5,000 to 6,000. 

PS president Bong Borja said that they are very bullish about Cebu and they see the strong market especially with the huge potential of employees considering how the people are used to speaking in English.

Borja said that they are looking forward for the coming year and with the industry being so resilient even despite the crisis, they are hopeful that it would pick up next year.

Cebu City Mayor Tomas Osmeña, who graced the event said that the new street named after India placed right beside the new facility to be put up by Aegis is very ideal.

“This will move us in the forefront as far as the development of IT in Philippines is deserved. This is very well deserved,” said Osmeña.

Last October 23, President Gloria Macapagal-Arroyo declared November 2009 as “Philippines-India Friendship Month” and last November 16, a commemorative stamp was launched in New Delhi in line with the celebration as well as the same unveiling of the stamp in Manila last December 4.