Why in News?

• The President of India, Shri Ram Nath Kovind, addressed the India-Philippines Business Conclave and the 4^th ASEAN-India Business Summit in Manila, Philippines.

Agreements between India and Philippines:

• India and Philippines have entered into four agreements which includes
  • Science and Technology
  • Maritime
  • exchanging of white shipping data that includes identification and information about the movement of commercial and non-military vessels
  • Tourism
  • Culture

Significance:

• The president’s visit coincides with the 70^th anniversary of the establishment of diplomatic relations between the two countries.
• Agreements between both countries will not only strengthen the bilateral relations but also put an impact on China and its dominating image in the region.
• The Philippines can emerge as one of the most focused countries for India’s corporate business expansion. India and Philippines economic-ties can achieve new heights.
• India is hoping to get defence cooperation and participation in weapon modernization of Philippines.
• Several Indian companies are looking for investment opportunities in the health, innovation and pharma sectors.