Philippine President Ferdinand Marcos Jr. wrapped up a four-day official visit to Canada, securing $2.5 billion in investment commitments from prominent Canadian corporations, thus fortifying economic relations between the two nations. During his discussions with Canadian Prime Minister Mark Carney, both leaders consented to elevate the relationship between the Philippines and Canada to a strategic partnership. This development aims to broaden cooperation across various sectors, including trade, security, energy, technology, and investment.
The influx of investment pledges follows meetings with companies such as B2Gold, OceanaGold, TELUS, and NQX. These discussions were centered around industries like mining, critical minerals, energy, information technology, business process management (IT-BPM), and the digital economy. In a significant move towards technological advancement, the two countries also deliberated on the establishment of artificial intelligence hubs and training centers to cultivate AI skills catering to the global workforce.
President Marcos underscored the significance of these new investments, emphasizing the necessity of finalizing a free trade agreement between the Philippines and Canada to further enhance economic cooperation. This development signifies a step forward in strengthening bilateral trade relations and ensuring mutual economic growth.
Additionally, Canada committed an initial C$2 million to aid infrastructure, supply chain, and clean energy initiatives under the Luzon Economic Corridor. This financial support is expected to accelerate development projects within the region. Further cementing their collaboration, the two countries signed a Joint Declaration of Intent on Energy and Natural Resources Cooperation, alongside agreeing to bolster defense and security ties through existing bilateral agreements.