The Philippines is the third-largest economy in terms of GDP in the 10-member ASEAN

India and the Philippines on Monday held extensive discussions on financial sector engagement focusing on banking digital payments and financial technologies.

Ambassador of India to the Philippines Shambhu S Kumaran met Governor of the Central Bank Philippines, Benjamin Diokno and held extensive discussions on financial sector engagement, focusing on banking, digital payments and financial technology.

In November 2020, India and the Philippines held the 4th Joint Commission meeting on bilateral cooperation in a virtual format and reviewed the recent developments in their ties.

The Indian side was led by External Affairs Minister S Jaishankar and the Philippines side headed by Teodoro Locsin Jr, Secretary, Department of Foreign Affairs had discussed a wide range of matters of mutual importance.

Both sides, had in the meeting agreed to further strengthen defence engagement and maritime cooperation between the two countries, especially in military training and education, capacity building, regular good-will visits, and procurement of defence equipment.

A Preferential Trade Agreement (PTA) is under negotiation between India and Philippines. The PTA will seek to enhance market access and open up opportunities for greater trade in goods and services.