MANILA - President Rodrigo Duterte on Tuesday said an Indian company has shown interest to be the third telco player in the Philippines.

"There's a new application from an Indian company. India is also interested to enter into the telecom industry. And we are considering… I invited them during my talks with the businessmen of India during my official visit," Duterte said in a speech at the induction of the new board of directors of the Federation of Indian Chambers.

Duterte went to New Delhi last month and urged Indian companies to invest or expand in the Philippines, promising to "protect" them, as he touted efforts to make doing business in the country easier.

Duterte and his delegation secured some $1.25 billion in investment pledges in information technology and energy during his two-day official visit to the South Asian nation.

• Duterte bringing home $1.25-B in pledges from India: Lopez

He vowed to eliminate red tape and improve ease of doing business.

Duterte also encouraged Indian businessmen to pay proper taxes.

"You pay the right taxes, get your receipt and do not worry about anybody auditing you or making an accounting on you. If somebody goes there on the pretext of examining you, open it up," he said.

"As long as you pay the right taxes, just the exact price, no more no less, then you are freed of any interventions or trouble. That is the assurance that I will give you."