November 28th, 2021
House Ways and Means Chair Joey Sarte Salceda (Albay, 2nd district) called for closer diplomatic and economic ties between India and the Philippines in a speech to members of the Federation of Indian Chambers of Commerce and Industry (FICCI) yesterday, during the gala night for the Federation’s Golden Peacock Award of Excellence in Government Service, which Salceda also received.
“As you know, I am one of the most dedicated champions of stronger Filipino-Indian diplomatic and economic ties in Congress and perhaps in the whole of government. India, like the Philippines, is an English-speaking democracy with a plural and multi-ethnic society,” Salceda said.
“We share much culture and traditions together in our past and in our language, and the challenges and potential that await our people in the future are similar. India, in other words, is the Philippines’ most natural ally outside our immediate neighborhood in Southeast Asia.”
Salceda also cited that India was among his closest allies in the United Nations Framework Convention on Climate Change (UNFCCC) during his tenure as the Co-Chair of the organization’s Green Climate Fund in 2013-2014.
Salceda also cited the potential for more Indian investments in the Philippines with the implementation of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act.
“I am also optimistic that, with CREATE, we will continue to attract more Indian investments. I am particularly interested in the tech-driven enterprises that are now rising in your country,” Salceda said.
“India is one of the world’s booming startup centers, second only to the United States in having the greatest number of startups in the world. I am convinced that it will drive your country’s economic future. CREATE wants these enterprises, specifically. We incentivize research and development, technology transfer, training, and the acquisition of technology. Higher-order tech enterprises are also at the highest industry tiers in CREATE. In short, we want these enterprises to locate here.”
Salceda also announced that he is studying pro-small business reforms in India to enact our own framework for Startups.
“I am also learning from India ways to build a robust capital market for startups and other small enterprises. During the pandemic, India undertook a fund-of-funds scheme to capitalize startups while hedging the risks of this capital exposure to the government. It’s an innovative model. My office is studying the creation of the SMEs of the Future Act, which will create the framework for a similar mechanism in the Philippines. I welcome your inputs in this regard.”
Salceda received the Golden Peacock Award, the organization’s highest award for government officials in the country.