Philippine President Ferdinand Marcos Jr. successfully wrapped up his four-day official visit to Canada, securing $2.5 billion in investment pledges from major Canadian businesses. This substantial commitment marks a significant step in bolstering the economic connections between the Philippines and Canada.
During his visit, President Marcos engaged in discussions with Canadian Prime Minister Mark Carney, where both leaders agreed to elevate their bilateral relations to a strategic partnership. This new level of cooperation aims to enhance collaboration across various sectors, including trade, security, energy, technology, and investment. Key discussions were held with notable Canadian firms such as B2Gold, OceanaGold, TELUS, and NQX, focusing on industries like mining, critical minerals, energy, information technology, business process management (IT-BPM), and the digital economy.
In an effort to further develop the workforce for emerging technologies, both countries explored the possibility of setting up artificial intelligence hubs and training centers. These initiatives aim to equip individuals with AI skills necessary for the global market. 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 ties.
Additionally, Canada committed an initial C$2 million to support infrastructure, supply chain, and clean energy projects as part of the Luzon Economic Corridor initiative. In line with this, the two nations signed a Joint Declaration of Intent on Energy and Natural Resources Cooperation. They also reaffirmed their commitment to strengthening defense and security collaboration under existing bilateral agreements.
Overall, President Marcos’s visit to Canada has laid the groundwork for a more robust economic and strategic partnership, offering promising prospects for growth and collaboration between the two countries.