Philippine President Ferdinand Marcos Jr. has successfully wrapped up a four-day official visit to Canada, securing $2.5 billion in investment promises from top Canadian firms, which aims to bolster economic ties between the two nations. The commitment comes on the heels of productive discussions with Canadian Prime Minister Mark Carney, where both leaders agreed to propel Philippines-Canada relations into a strategic partnership. This enhanced partnership will focus on expanding cooperation across various sectors, including trade, security, energy, technology, and investment.
During the visit, President Marcos engaged with several Canadian companies such as B2Gold, OceanaGold, TELUS, and NQX. These discussions centered on key areas like mining, critical minerals, energy, information technology, business process management (IT-BPM), and the digital economy. In light of these talks, the two countries also explored the idea of setting up artificial intelligence hubs and training centers to cultivate AI skills, thereby preparing the global workforce for future demands.
One significant outcome of the visit is the emphasis placed on finalizing a free trade agreement between the Philippines and Canada, which President Marcos believes is crucial for further economic cooperation. The new investments underscore the importance of this agreement, suggesting that it could pave the way for even greater collaboration and mutual economic benefits.
Canada has also committed an initial C$2 million to support a range of projects under the Luzon Economic Corridor. These projects will focus on enhancing infrastructure, supply chains, and clean energy initiatives. Additionally, both countries have signed a Joint Declaration of Intent to collaborate on energy and natural resources, further strengthening their defense and security ties through existing bilateral agreements.