India offers financing for military modernization

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Metro Manila (CNN Philippines, June 30) — The Indian government is offering loans to help the Philippines boost its military capacity.

In a joint statement issued Thursday, Foreign Affairs Secretary Enrique Manalo and Indian External Affairs Minister Subrahmanyam Jaishankar announced the possibility of the Philippines tapping India’s Line of Credit (LOC).

The LOC may be extended to cover the country’s defense requirements and acquisition of naval assets, they said.

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The statement said both officials also discussed the expansion of training and joint exercises on maritime security and disaster response, among others.

It stated that both countries are set to sign a deal on enhanced maritime cooperation between their coast guards.

Meanwhile, the Philippines and India reiterated their commitment to expand cooperation in sectors such as health, agriculture, and the digital economy.

Manalo visited India on June 27 to 30 for the fifth India-Philippines Joint Commission on Bilateral Cooperation.