PH urged by Indian businesses to address challenges
Indian businesses are urging the Philippines to address the many issues that they’re facing in doing business in the country so it can attract more foreign investors.
During the joint webinar of the Federation of Indian Chambers of Commerce (Phil) Inc. and the India Business Forum (IBF), Indian businesses cited delays in the approval of licenses for pharmaceutical products and tax refunds for manufacturing firms, as well as the high power and logistics costs.
India Business Forum (IBF) Director Aseem Roy said in the pharmaceutical sector, investors have to wait up to three years for the Food and Drug Administration’s approval of products.
IBF also noted that the Philippines has higher power cost compared to its Southeast Asian neighbors, so they’re recommending subsidies and increased power production.
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