Philippine President Ferdinand Marcos Jr. wrapped up a significant four-day official visit to Canada, securing $2.5 billion in investment commitments from key Canadian firms. This development marks a notable enhancement in economic relations between the two nations. In discussions with Canadian Prime Minister Mark Carney, both leaders decided to elevate the relationship between the Philippines and Canada to a strategic partnership, aiming to broaden collaboration across various sectors such as trade, security, energy, technology, and investment.
The investment pledges emerged from meetings with prominent companies including B2Gold, OceanaGold, TELUS, and NQX. The discussions primarily targeted areas like mining, critical minerals, energy, information technology, business process management (IT-BPM), and the digital economy. In a bid to foster innovation, both countries also talked about the possibility of setting up artificial intelligence hubs and training centers to cultivate AI skills for the global workforce.
President Marcos emphasized that these new investments underline the necessity of finalizing a free trade agreement between the Philippines and Canada, which would serve to further enhance economic collaboration. In addition to these commitments, Canada pledged an initial C$2 million to support projects focused on infrastructure, supply chain, and clean energy within the Luzon Economic Corridor.
Moreover, both nations signed a Joint Declaration of Intent on Energy and Natural Resources Cooperation, outlining plans to deepen ties in these critical areas. They also agreed to bolster defense and security cooperation, building on existing bilateral agreements. Through these efforts, the Philippines and Canada aim to create a more robust and comprehensive partnership that addresses both current and future challenges.