Phl chosen as one of Canada’s areas of focus for development

CEBU, Philippines - Canada has considered the Philippines as a country of focus on economic growth because of the tremendous economic potential of the country.

Canadian Ambassador to the Philippines Neil Reeder said the foreign nation's development program has always focused on promoting sustainable economic growth by improving the investment climate and advancing economic opportunities for the poor.

"We are also engaged in promoting growth and learning in the SME sector, in agribusiness and in tourism, including building up tourism skills and tourism circuits in isolated regions of the country with great tourist potential," Reeder said in a forum during his recent visit in Cebu last week.

The ambassador reported the development assistance has helped more than 35,000 micro-entrepreneurs, small farmers and low-skilled workers to enhance their skills and sell their products to the market.      

"That is why Canada has designated the Philippines as one of the 25 countries of focus of our international development efforts," he noted.

The Philippines is also a priority emerging market under its Global Markets Action Plan which concentrates on markets that are seen potential for Canadian businesses.

"Here in the Philippines, our commercial program will focus on export opportunities in agriculture and agri-food, defense and security, education and information and communications technologies, infrastructure, mining and sustainable technologies," he said.

The GMAP creates economic growth through enhance two-way bilateral trade and investment flows.

Trade

Trade in goods between the two nations is valued at $1.7 billion yearly, but Reeder said they want to see an increase in trading activities.

Canadian exports into the country are valued at about $700 million annually. Bilateral trade grew 15 percent over the past year, he said.

"Trade is critical to my country. Canada is a trading nation and our growth depends on exports. One in every five jobs depends on trade and 60 percent of our GDP is generated by trade in goods and services," he shared.

He added his country has been expanding its free trade agenda, saying it has concluded free trade agreements with no fewer than 38 different countries.

In addition, he likewise expresses optimism about the ASEAN economic integration as it allows growth in various economies in the region.

He said a free trade environment invites more investments.

Canadian firms in Phl

The foreign official also said some Canadian companies such as Sun Life and Manulife are major employers in the Philippines.

Aircraft producer Bombardier Aerospace has a major BPO operation in Cebu with over 200 workers. Telecom firm Telus is also a BPO employer in the nation.  (FREEMAN)