Manila: The Philippines secured about $1.25 billion in investment pledges from Indian businessmen that could translate into the creation of more than 100,000 new jobs for Filipinos, according to a senior Malacanang Palace official.

Trade and Industry Secretary Ramon Lopez reported that pledges were contained in a memorandum of understanding (MOU) he signed in New Delhi with PreetI Saran, the Indian minister of external affairs, on expanded trade and economic cooperation between the two countries.

Lopez said the signing of the MoU was witnessed by Philippine President Rodrigo “Rody” Duterte and Indian Prime Minister Narendra Modi who earlier held a one-on-one meeting in connection with the two-day Asean-India Commemorative Summit hosted by New Delhi.

Asean stands for the 10-member Association of Southeast Nations composed of the Philippines, Brunei, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Laos, Cambodia and Myanmar (Burma).

Lopez said the bulk of the Indian investment pledges, or $1b came from Adani Green Energy company that plans to expand its operation in the Philippines for renewable energy an building solar panels.

“They are the biggest in India. So they are now looking for sites for solar and wind-based power generation,” Lopez told Filipino journalists in a press conference in New Delhi, copies of which were furnished by the Malacanang Palace press office to media organisations in Manila.

The other Indian investment pledges, Lopez reported, came from companies involved information technology, business processing operation and transportation.

He added the Philippines also invited Indian pharmaceutical companies to operate in the country for the manufacture of cheap medicines.

“Health care was also discussed. Many of the Indian companies would have the technology to provide healthcare, wellness, preventive health care for the Filipinos and make it more affordable,” Lopez pointed out.

Officials recalled that when Duterte met with Modi on the sidelines of the Asean Summit hosted by Manila in November 2016, the Philippine leader said he would welcome Indian investments that could give Filipinos better and easier access to cheap medicines.