Filipino, Canadian businessmen ink $6.3-M trade deals

OTTAWA (via PLDT) — Filipino businessmen have entered into joint ventures with Canadian firms for the investment of some $6.3 million in the Philippines.

President Arroyo congratulated Wednesday the Canadian businessmen after they signed six memorandums of agreement (MOU) that cover construction of mass housing, petroleum equipment facilities, and chemical industries.

Mrs. Arroyo said Canadian Prime Minister Jean Chretien has been actively involved in promoting the Philippines as a place of investment for Canadian companies.

"I had a productive and meaningful day in Ottawa yesterday," she said. "Prime Minister Chretien and I agreed that this is a good time to expand our trade and investment relations. Our economic relations are deep, robust and solid."

Mrs. Arroyo said when Chretien accompanied the Team Canada business delegation to the Philippines in January 1997, they signed with Filipino businessmen $31 million in commercial contracts and $469 million in business agreements.

"Since then, Philippine-Canadian business relations have continued to grow," she said. "Indeed, we have gone a long way to bringing our country back on the radar screens of the world."

In November 1997, Team Philippines made a reciprocal visit to Canada and signed a total of $1.4 billion in agreements, she added.

Mrs. Arroyo said trade between the Philippines and Canada reached $1.2 billion last year or an increase of 45 percent from 1997.

"This is the time to capitalize on the deepening convergence of Philippine and Canadian interests by strengthening our commercial relations," she said. "Together, we can weather the storm of global recession and achieve mutually-profitable alliances."

Mrs. Arroyo said before she left the Philippines, SNC Lavalin –a leading engineering and construction firm in Canada –signed a CAN$1-billion implementation agreement to finance, design, and construct the Baclaran-Cavite line of the Light Rail Transit (LRT).

"The deal (Lavalin LRT) represents one of the biggest agreements signed in Philippine-Canadian history," she said. "There is more in store for our economic relations."

The six private business deals signed during Mrs. Arroyo’s visit here are:

• The $5-million joint venture agreement between Email Finitech Inc. and Vichem Coatings & Chemicals Inc. involving the custom application of non-corrosive, heat-resistant porcelain enamel coating services on steel, iron cast and aluminum products for the Philippine and export market;

• The $275,000 MOA between the Panox Petroleum Products of the United States, the Philippines’ Stoneworks Specialists International Corp. and Canada’s Belugo Tanks Inc. for the creation of a new company called Belugo Asia, which will engage in the manufacture and distribution of petroleum equipment tanks and petrol station accessories in the Philippines;

• The $1.2-million MOA between the National Housing Authority and the Royal Ventures Construction and Development Inc. for the construction of 3,397 core housing projects under the government’s socialized housing project;

• The MOA between the Chamber of International Trade Inc. and the Philippine Chamber of Commerce of Toronto for promoting business/trade information exchanges;

• The MOA between the Philippine Chamber of International Trade Inc. and the Canada-Philippines Business Council; and

• The MOA between the Department of Tourism and the Canadian Association of Philippine Travel Agents Inc. and the Philippine Tour Operators Association to promote travel between the two countries.