THE Philippines should consider tapping India’s $1-billion loan allocation for Southeast Asian countries aiming to put up big-ticket public infrastructure, Indian Ambassador to the Philippines Jaideep Mazumdar said on Wednesday.
Mazumdar told reporters in an interview that firms from India are always on the lookout for infrastructure projects they can finance and take part in. This is especially true for the Philippines, as Indian construction companies apparently want to take advantage of this administration’s “Build, Build, Build” program.
“Indian engineering companies are already present here in the infrastructure areas. The GMR [Group] of India has constructed the Mactan-Cebu International Airport [MCIA] terminal. They have also now bought the contract for the expansion of the Clark International Airport terminal. They are looking at the Naia [Ninoy Aquino International Airport], as well,” Mazumdar said.
In 2013 New Delhi-based GMR Group, along with Megawide Construction Corp., was named the highest bidder for the management and development of MCIA. It offered a bid premium of P14.4 billion to modernize the country’s second-busiest airport.
Mazumdar also urged the government to utilize India’s $1-billion loan allocation for Association of Southeast Asian Nations member-states planning to build public infrastructure.
“The government of India, in fact, has a $1 billion line of credit for Asean countries for any infrastructure projects that they may wish to do, especially in the area of digital infrastructure,” he said.
Mazumdar added the Indian government will be “very happy to extend that line of credit for the Philippines to set up digital infrastructure or even physical infrastructure projects.”
The top envoy’s pitch to take advantage of India’s infrastructure loan program was made at a time when representatives from 75 Indian firms visited the Philippines to net trade and investment deals.
The companies were mostly in the business of smart manufacturing technologies, metal cutting machinery, industrial supply, industrial and electrical machinery, and sheet metal machinery.