Philippine President Ferdinand Marcos Jr. wrapped up a four-day official visit to Canada with a significant boost to economic relations between the two nations, securing $2.5 billion in investment commitments from leading Canadian companies. The visit underscored a mutual interest in deepening economic ties and collaboration in various sectors.
During discussions with Canadian Prime Minister Mark Carney, the leaders agreed to elevate their relationship to a strategic partnership level, aiming to enhance cooperation in areas such as trade, security, energy, technology, and investment. The investment commitments were the result of meetings with several Canadian firms, including B2Gold, OceanaGold, TELUS, and NQX, which showed interest in sectors like mining, critical minerals, energy, information technology, and business process management (IT-BPM), as well as the digital economy.
Both countries also explored the possibility of setting up artificial intelligence hubs and training centers, aiming to equip the global workforce with advanced AI skills. President Marcos emphasized the significance of these new investments and advocated for the finalization of a free trade agreement between the Philippines and Canada to further enhance economic cooperation.
In support of this burgeoning partnership, Canada committed an initial C$2 million to aid infrastructure, supply chain, and clean energy initiatives under the Luzon Economic Corridor. Additionally, the two nations signed a Joint Declaration of Intent focusing on Energy and Natural Resources Cooperation. They also agreed to bolster defense and security collaboration through existing bilateral agreements, reflecting a comprehensive approach to strengthen their strategic ties.