Philippines Secretary for Foreign Affairs Enrique Manalo on Monday said that a bilateral Preferential Trade Agreement (PTA) with India is under discussion and Manila is keen to deepen engagement with Indian businesses.
Enrique Manalo, who is on a visit to India, made the remarks while speaking to members of the Federation of Indian Chambers of Commerce and Industry (FICCI).
The Philippines Foreign Affairs Secretary said that the country is keen to deepen engagement with India on a number of areas like automotive, battery, value added IT & ITES services, pharmaceuticals, health and agriculture.
“Engaged with members of the Federation of Indian Chambers of Commerce and Industry to invite investments in the healthcare, pharmaceutical, transport, and agricultural industries,” Enrique Manalo said in a post on X.
Engaged with members of the Federation of Indian Chambers of Commerce and Industry to invite investments in the healthcare, pharmaceutical, transport, and agricultural industries. pic.twitter.com/eUjrrwTdDP
— Enrique A. Manalo 🇵🇭 (@SecManalo) March 17, 2025
He also invited India to source nickel from the country for its use in battery manufacturing. The move is part of Philippines’ strategy to diversify its dependence on China for nickel exports.
Philippines accounts for 11 per cent of the global production of nickel and was the world’s second-largest producer of nickel in 2023.
Emphasising the strategic importance of developing the nickel sector with Indian participation, he said, “The Philippines is the world’s largest exporter of nickel ore with exports valued at approximately $1.95 billion, chiefly used in lithium-ion battery production. Currently, nearly 98 per cent of our exports go to China, with Japan importing the remaining 2 per cent.”
“We are quite interested to see India become a player in our nickel sector, not just for export diversification but crucially for processing and development of a value chain,” he added.
India imports about $707 million worth of raw nickel from Russia, Norway, and Japan, Manalo noted, suggesting an opportunity for supply chain realignment.
He also emphasised the need to accelerate negotiations on a bilateral PTA that has been under preliminary discussion for two years, calling it crucial to diversifying and expanding commercial relations between the economies.
Philippines is also undertaking a major vehicle modernisation programme and has invited Indian commercial vehicles to take part in the same.
“We consider India to hold significant untapped potential as a market for Philippines exports. We are keen to transition from these scoping exercises to the actual negotiations of a preferential trade agreement that will certainly help drive growth upward,” Manalo told the gathering of industry leaders.
The bilateral trade between India and Philippines reached a historic milestone in 2024, growing 8.6 per cent year-on-year, with the balance favouring Indian exporters.
India primarily supplies pharmaceuticals, automotive components, and agricultural products to the Philippines, while the Southeast Asian nation exports electronic goods, machinery, and select agricultural commodities.
