Philippine President Ferdinand Marcos Jr. wrapped up a four-day official visit to Canada, securing $2.5 billion in investment commitments from key Canadian corporations. This visit aims to bolster economic connections between the two nations. During his time in Canada, President Marcos engaged in discussions with Canadian Prime Minister Mark Carney, where both leaders reached an agreement to elevate the relationship between the Philippines and Canada to a strategic partnership. This expanded collaboration will encompass areas such as trade, security, energy, technology, and investment.
The investment pledges were the outcome of meetings with prominent companies, including B2Gold, OceanaGold, TELUS, and NQX. These discussions revolved around critical sectors such as mining, critical minerals, energy, information technology, business process management, and the digital economy. Furthermore, the two nations explored the possibility of establishing artificial intelligence hubs and training centers aimed at enhancing AI skills for the global workforce.
President Marcos emphasized the significance of these new investments, underscoring the importance of finalizing a free trade agreement between the Philippines and Canada to further enhance economic cooperation. This agreement is seen as a vital step in cementing the economic ties between the two countries and maximizing the benefits of their partnership.
In addition to the investment commitments, Canada pledged an initial C$2 million to support various initiatives, including infrastructure development, supply chain improvements, and clean energy projects under the Luzon Economic Corridor. Both countries also signed a Joint Declaration of Intent focused on Energy and Natural Resources Cooperation. Furthermore, they agreed to strengthen their defense and security collaboration through existing bilateral agreements, reinforcing their commitment to a comprehensive partnership.
