CEBU, Philippines - More investment from Canada is expected to pour into the Philippines as the Canadian government aims to strengthen bilateral trade partnerships with the country.
Michael R. Belanger, senior trade commissioner counselor of the Canadian Embassy to the Philippines, said that the Philippines is now attracting interested investors to the country, specifically in the fields of agri-food, defense and security equipment, mining, infrastructure, business process outsourcing, ICT (Information, Communication Technology), among others.
In an interview with Belanger he said that while Canadian businesses are now turning their focus in the Pacific, the Philippines is one of the top choices, among investors.
"The outlook is upbeat," he said adding that in the defense and security sector for instance, Canadian companies in this particular industry is looking at increasing contracts with the Philippines, particularly in coast guard equipment, search and rescue and similar businesses.
In the past six months, he mentioned that there were already big contracts sealed by Canadian businesses in the Philippines, such as providing helicopters, mountain bicycles, and even Canadian brands like the Triple O Hamburger, and others are making their entry to the country.
According to Belanger, the awareness of opportunities in the Philippines from the international investment community, specifically Canada has opened up, and more Canadian companies are taking advantage of this development.
He said the challenge now is to know more about each country's opportunities, so bilateral trade could go up to exceptional level.
The Philippines is exporting mostly electronics products and some agri-food, among others to Canada. This exchange of trade which is now in favor of the Philippines, is seen to achieve a balanced level, if much closer trade linkages will be pursued.
In 2013, Canadian merchandise exports to the Philippines were $603.3 million, while Canadian imports from the Philippines were valued at $1.1 billion. Canada's trade and investment relationship with the Philippines spans many sectors.
Canadian companies with expertise in infrastructure (water and waste water, airports, green building), defense and clean-tech (renewable energy) are in a particularly good position to take advantage of new opportunities within these sectors.
In addition, the market for agricultural products in the Philippines continues to be robust, with significant potential for growth within the processed food and beverage sub-sector and health foods. (FREEMAN)