Economic team woos Canadian investors to explore PH market

MANILA – The administration’s economic managers have urged Canadian companies to look into opportunities in the Philippines during an investor roadshow in Toronto on July 13.

DOF Secretary Benjamin Diokno underscored that the two countries have a wide range of opportunities and cooperation to explore in terms of trade and investments in his speech during the Philippine Economic Briefing (PEB).

In a statement Friday, the DOF said Canada ranked 20th among the Philippines’ trading partners in 2022, with bilateral trade amounting to USD1.5 billion.

There are also nearly a million overseas Filipinos in Canada, whose cash remittances to the Philippines reach USD1.2 billion.

“Canada, a global leader in clean energy, may benefit from the recent liberalization of the Philippines’ renewable energy (RE) sector. Foreign enterprises may now participate in the country’s RE sector, particularly in solar, wind, hydro, and tidal energy,” Diokno said.

He said the Philippine government has liberalized the RE sector by allowing 100 percent foreign ownership for projects here.

Aside from adapting RE technology, Department of Budget and Management (DBM) Secretary Amenah Pangandaman said the government remains committed to mitigating the impacts of climate change.

Pangandaman shared with Canadian investors that the DBM previously increased the allocation for climate adaptation measures by 60 percent, and is pursuing the Green Public Procurement Roadmap to integrate “green choices” in public procurement.

For his part, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan offered opportunities in the 194 infrastructure flagship projects of the Marcos administration worth PHP8.3 trillion.

Member of Parliament (MP) for Mississauga Rechie Valdez, the first Filipino elected as Canadian MP, has also expressed her support for strengthening the bilateral relations between the two countries, especially with the Indo-Pacific strategy of Canada.

“Since the announcement of Canada’s Indo-Pacific strategy, our government has shown very clearly our commitment to working alongside the Philippines. And last month, our government announced that the new Indo-Pacific agriculture and agrifood office would be located in Manila,” Valdez said.

The DOF said more than 80 senior executives from Canada-based firms as well as representatives of business groups, industry associations, financial community, and public sector attended the 8th PEB in Toronto. (PNA)