Philippines' Marcos eyes India trade, defence in talks with Modi
Philippine President Ferdinand Marcos Jr's trip to India is set to be from Aug 4 to Aug 8 upon Mr Modi's invitation.
MANILA – Philippine President Ferdinand Marcos Jr will discuss trade and defence relations with India when he meets Prime Minister Narendra Modi during a state visit to the South Asian nation next week.
'They are also expected to exchange views on regional and international issues of common concern,' Foreign Affairs Assistant Secretary Evangeline Ong Jimenez-Ducrocq said in a briefing on Aug 1.
Mr Marcos' trip to India is set to be from Aug 4 to Aug 8 upon Mr Modi's invitation.
'We recognise the economic and strategic potentials of India, and we hope to open up possibilities for the future,' Ms Jimenez-Ducrocq said.
Mr Marcos' efforts to expand economic cooperation with India, one of the world's largest and fastest-growing economies, come amid the implementation of US President Donald Trump's tariffs in August.
The
19 per cent tariff imposed on Philippine goods is on a par with many other South-east Asian nations, removing a trade advantage that Manila touted when the US initially threatened a 17 per cent levy in April, which was among the lowest rates in the region that time.
The US levy on India's goods
is set at 25 per cent .
Top stories
Swipe. Select. Stay informed.
Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam
Singapore Tanjong Katong sinkhole: Road will progressively open to motorists from Aug 2 noon
World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore remains at 10%
Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet
Singapore Thundery showers expected on most days in first half of August
Singapore Synapxe chief executive, MND deputy secretary to become new perm secs from Sept 1
Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore
Business Sumo Salad had valid insurance coverage for work injury claims: MOM
Mr Marcos' visit to India also comes at a time when the two nations, which face a similar security concern, are improving defence ties.
Manila has
a territorial dispute with Beijing in the South China Sea, while New Delhi has a border row with China over the Himalayas.
The Philippine and Indian navies are set to hold joint maritime exercises in waters facing the South China Sea from Aug 3, Philippine military chief General Romeo Brawner Jr told reporters.
Gen Brawner said Manila is looking at ordering more weapons systems and equipment from India.
The Philippines previously procured a shore-based anti-ship missile system from India's BrahMos Aerospace, a contract worth US$324 million (S$421 million), as the nation boosts its coastal defence.
'We still have two sets of BrahMos systems that will arrive in the next few years,' Gen Brawner said, adding that other weapons systems of the Philippine Navy are also from India.
'We found out that what's made in India are of high quality but not too costly. So it's good if we partner with India,' he said. BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
15 minutes ago
- Straits Times
DBS Q2 profit up 1% to $2.82 billion on strong wealth fees and trading income; beats expectations
Sign up now: Get ST's newsletters delivered to your inbox DBS Bank declared an interim dividend of 60 cents per share and a capital return dividend of 15 cents per share. SINGAPORE - Singapore's largest bank on Aug 7 posted a 1 per cent rise in net profit for the second quarter, lifted by strong wealth fees and trading income. Net profit for the three months to June 30 was $2.82 billion, up from $2.8 billion a year earlier, beating the $2.79 billion forecast by analysts in a Bloomberg poll. The bank declared an interim dividend of 60 cents per share and a capital return dividend of 15 cents per share. The dividend payout is estimated to be about $2.13 billion. Chief executive officer Tan Su Shan said in a statement: 'Our ability to manage the balance sheet nimbly, grow deposits and capture market opportunities helped offset the external pressures.' Commercial book net interest income fell 4 per cent to $3.63 billion. This came as net interest margin declined 28-basis-points to 2.55 per cent from 2.83 per cent a year earlier as interest rates trended lower. Net fee and commission income grew 11 per cent to $1.17 billion from $1.05 billion a year earlier. Treasury customer sales and other income increased 9 per cent to $522 million from $478 million a year ago. Fee income was led by the wealth management segment, which saw fees surged to $649 million in the quarter, up from $518 million a year earlier. Markets trading income soared 124 per cent to $418 million from $187 million a year ago. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds World Trump eyes 100% chips tariff, but 0% for US investors like Apple World White House says Trump open to meeting Russia's Putin and Ukraine's Zelensky Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Asia Malaysia plans barrierless toll system modelled after Singapore's ERP Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing Return on equity fell to 16.7 per cent in the second quarter from 18.2 per cent in the same period a year ago. Singapore's largest bank by assets said that the impact of lower interest rates was mitigated by balance sheet hedging and partly offset by strong deposit growth, which funded loans and an increased deployment into liquid assets. Customer deposits grew 4 per cent to nearly $574 million in the quarter from $551 million a year ago while loans were up 2 per cent to $433 million. DBS maintains its 2025 targets which include group net interest income to come slightly above 2024 levels, commercial book non-interest income growth to be mid- to high-single digits and net profit to be below 2024 levels. DBS reported earnings on the same day as UOB, whose earnings fell 6 per cent to $1.34 billion, missing expectations. Their results followed OCBC Bank, which on Aug 1 posted a smaller-than-expected drop in net profit as declining interest rates weighed on net interest income.
Straits Times
15 minutes ago
- Straits Times
Codelco asks to restart part of El Teniente mine after accident
Sign up now: Get ST's newsletters delivered to your inbox SANTIAGO - Copper miner Codelco has asked Chile's mining regulator for permission to reopen a part of its flagship El Teniente mine after a collapse last week that killed six people, said two sources with knowledge of the matter. Codelco suspended mining operations at El Teniente, the world's biggest underground copper mine that produced more than 300,000 metric tons last year, on Thursday evening. Chilean mining regulator Sernageomin later imposed a formal suspension, and instructed Codelco to present four reports related to the cause and impact of the accident so it could evaluate lifting the measure. In a statement on Wednesday evening, Codelco said it had responded to three information requests from mining regulator Sernageomin and Chile's labor inspection office. REUTERS
Straits Times
15 minutes ago
- Straits Times
Brazil's Bolsonaro appeals house arrest order
Sign up now: Get ST's newsletters delivered to your inbox The former Brazilian president was placed under house arrest on Aug 4. BRASILIA - Lawyers for former Brazilian President Jair Bolsonaro appealed on Aug 6 a house arrest order imposed against him earlier this week, a document sent to the Supreme Court and seen by Reuters showed. Bolsonaro was placed under house arrest on Aug 4 after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Mr Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In the document sent on Aug 6, the lawyers said that Bolsonaro did not breach the restraining orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices. REUTERS
