Mumbai, Oct 4 : Visiting President of Philippines Gloria Macapagal Arroyo on Thursday said that her country was bullish on 21st century India, whose growth story in recent years has also increased its obligations towards its neighbours.

"As India becomes true political economic giant your obligation for your neighbours also increases," Arroyo said during a function organised here by the Confederation of Indian Industry (CII).

"World stage carry implications, not just economic development but for the management of our environment on sustainable basis and for maintaining the broader peace and stability in the region, in the world. That is why we support India's 'Look East Policy' and your plans to integrate both South Asia and South East Asia," she added.

Arroyo, who is on a three-day visit to India, arrived in Mumbai along with her seven Cabinet Ministers and a 41-member strong business delegation.

She invited Indian business leaders to enhance their investment in Philippines, particularly in the entertainment and pharmaceutical sectors.

"Philippines has a lot to offer to Bollywood: rainforests and white-sand shores form a perfect backdrop for film shoots", she said, adding, "We are trying to cut the red-tape for Indian film-makers."

Arroyo is scheduled to meet Prime Minister Manmohan Singh and the President Pratibha Patil in New Delhi on Friday.

Talks on trade and investment are on the agenda during the meeting with Manmohan Singh.

On Thursday, three memorandums of co-operation were signed between three Indian and Philippine companies, most of which were pharmaceuticals companies.

India and Philippines are also expected to sign a joint declaration to fight terrorism.

Diplomatic relations between India and Philippines were formally established in 1949. A treaty of friendship was signed between the two countries in 1954. (With inputs from ANI)