India has offered a $1-billion loan facility to help the Philippine government fund its infrastructure and digital connectivity projects, the Finance department said on Monday. In a statement, the department quoted Indian Ambassador to the Philippines Jaideep Mazumdar as having told Finance Secretary Carlos Dominguez 3rd that India “will be happy to offer” the credit line. Mazumdar also said that Indian companies remained bullish on the Philippines and would want to expand their investments, particularly in the infrastructure and pharmaceuticals sectors. In response, Dominguez invited Indian companies to invest in the Philippines particularly in the areas of infrastructure and tourism. The Finance department noted that letters of intent to invest in the Philippines were signed during President Rodrigo Duterte’s visit to India in January.

Source: Manila Times October 01, 2018 17:23 UTC