Canadian companies deem Phl as good investment site

CEBU, Philippines - The Philippines continues to impress the Canadian investment community as more companies have expressed interest to explore business opportunities in the country.

Canadian Ambassador to the Philippines Christopher Thornley said that despite the global downturn, Canadian investors are continually considering the Philippines as good investment site.

Thornley who was in Cebu recently to meet with the members of the Canadian Chamber of Commerce-Cebu Chapter at the Marco Polo Plaza Cebu, said that Canada’s strong commercial relationship with the Philippines have strengthen the confidence of the investors.

The Ambassador mentioned that the Philippines is the second largest market in Southeast Asia for Canadian agriculture products.

Canadian mining companies are engaged in the Philippines at all stages of mineral extraction. Their expertise, he said extends to Corporate Social Responsibility (CSR.)

“There are opportunities to bring Canadian strengths in CSR to the Philippines and establishing standards of excellence in CSR in a country where it is needed most,” he said.

 Likewise, Thornley said that Canadian companies continue to take advantage of the growing market for Business Process Outsourcing (BPO) as Cebu becomes a more attractive destination due to the high language skills and customer service standards.

The Overseas Filipino Workers (OFWs) remittances from Canada grew in 2011 to $2.1 billion, the second largest source country next to the United States.

Thornley further announced that the Embassy of Canada is proud to work closely with the business community to ensure that trade and investment between the two countries continues to grow, and local market impediments are addressed quickly, even in the midst of challenging economic times.

“Cebu has grown to be an important market for Canada. With its developments in outsourcing, real estate and tourism, Cebu has proven to be a growing market of choice for our Canadian companies,” he said.

In 2011, the Philippines was the largest source of immigrants to Canada. (FREEMAN)