Philippine President Ferdinand Marcos Jr. wrapped up a successful four-day visit to Canada, securing investment pledges worth $2.5 billion from leading Canadian companies. This move marks a significant step in bolstering the economic connection between the Philippines and Canada. During his visit, President Marcos and Canadian Prime Minister Mark Carney agreed to elevate their countries’ relationship to a strategic partnership, aiming to enhance cooperation across various sectors including trade, security, energy, technology, and investments.
The investment commitments emerged following discussions with key companies such as B2Gold, OceanaGold, TELUS, and NQX. These talks primarily revolved around sectors like mining, critical minerals, energy, information technology, business process management (IT-BPM), and the burgeoning digital economy. Both nations also explored the potential establishment of artificial intelligence hubs and training centers designed to equip the global workforce with essential AI skills.
President Marcos emphasized that these new investments underscore the necessity of finalizing a free trade agreement between the Philippines and Canada, which would further enhance economic collaboration. In support of this burgeoning relationship, Canada committed an initial C$2 million to aid projects within the Luzon Economic Corridor, focusing on infrastructure, supply chains, and clean energy initiatives.
Additionally, the two countries formalized their commitment to energy and natural resources cooperation by signing a Joint Declaration of Intent. Furthermore, they agreed to fortify defense and security partnerships through existing bilateral agreements, marking another step towards a more integrated partnership between the Philippines and Canada.