Canada eyes investment opportunities in PH
Canadian
bankers, local business leaders, and key stakeholders shared their views on the
country’s vast investment opportunities during the Philippine Economic Briefing
(PEB) held for the first time in Toronto, Canada on July 13, 2023.
In his welcoming message, Managing Director Alain Auclair of UBS Securities
Canada highlighted that the Philippines has become one of the most dynamic
economies in the Asia-Pacific Region despite global headwinds, making it an
attractive investment destination: “The country’s solid macroeconomic
fundamentals reinforced the structural reforms, enabling it to withstand the
headwinds and mount on strong recovery.”
“And with capable leadership at the forefront of a robust economic plan, the
Philippines is poised for a promising economic future,” the managing director
added.
Complimenting this robust economic performance, the Ambassador of the
Philippines to Canada Maria Andrelita Austria underscored the outstanding
economic relations between the two countries as one of the reasons why Canadian
banks should invest in the country. She emphasized that Canada is one of the
Philippines’ major trading partners, with exports consistently increasing since
the pandemic.
Private sector representatives further elaborated on these business
opportunities during the panel discussion on the Philippine economic
development agenda and investment climate.
Sun Life Philippines CEO and Country Head Benedicto Sison cited three key
factors on why it is good to invest in the Philippines, including the promising
opportunities for growth, a resilient economy, and a regulatory environment
that is conducive to doing business.
“That is why you hear economists like the International Monetary Fund, World
Bank, and the Asian Development Bank describe the Philippine economy as robust
because it is supported by strong and sustainable consumer spending. And this
consumer confidence is further boosted by the young population of the
Philippines and even further boosted by its sound financial system,” he said.
Manulife Philippines President and CEO Rahul Hora also added that the
Philippines has favorable demographics and a high literacy rate: “We have a
literacy rate of 99.0 percent and the familiarity of the population to the
English language offers an extremely important edge over any other country for
businesses in Canada.”
Prior to the private sector’s panel discussion, the Economic Team composed of
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman,
Department of Finance (DOF) Secretary Benjamin E. Diokno, National Economic and
Development Authority (NEDA) Secretary Arsenio M. Balisacan, and Bangko Sentral
ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. presented the country’s
economic outlook, investment opportunities, and priority expenditures.
The panel discussions were moderated by DBM Undersecretary Margaux Salcedo and
BSP Managing Director Antonio Lambino II.
Finally, in her closing message, House of Commons of Canada member Rechie
Valdez, the first Filipino woman elected as member of Parliament, shared her
high hopes for the long-standing partnership between the two countries: “I’m
confident that our dialogue will lead to stronger ties and increased
cooperation between our two nations. Throughout our discussions, we emphasized
the importance of economic cooperation and opportunity for our country to
expand and continue enhancing our relationships.”
The PEB in Toronto was co-organized by the BSP, DOF, the Philippine Embassy in
Canada, BofA Securities, Citi Bank, Deutsche Bank, Goldman Sachs, HSBC, Morgan
Stanley, Standard Chartered Bank, UBS, Global Affairs Canada, Sun Life
Philippines, and other partners. (DBM/PIA-Caraga)
