“Both sides had exchanged their respective drafts a few years ago after India had decided to work on a new model Bilateral Investment Treaty text. With the recent upswing in economic engagement with the Philippines, both sides are seeking to reach early agreement on a range of initiatives,” an official said.
In the recent past, Indian companies have made significant investments in the Philippines. These include Wipro Enterprises completing a $200 million acquisition of Philippines personal care brand Splash in 2019 and GMR completing two major airport projects in Cebu and Clark.
Philippines conglomerate Ayala Corporation, which had earlier invested $100 million in a solar project in Rajasthan, has announced an investment of $36 million in a 70 MW solar energy plant in Amreli district of Gujarat.