Canadian bankers, local business leaders, and key stakeholders shared their views on the country’s vast investment opportunities during the Philippine Economic Briefing (PEB) held for the first time in Toronto, Canada on July 13, 2023.

In his welcoming message, Managing Director Alain Auclair of UBS Securities Canada highlighted that the Philippines has become one of the most dynamic economies in the Asia-Pacific Region despite global headwinds, making it an attractive investment destination: “The country’s solid macroeconomic fundamentals reinforced the structural reforms, enabling it to withstand the headwinds and mount on strong recovery.”

“And with capable leadership at the forefront of a robust economic plan, the Philippines is poised for a promising economic future,” the managing director added.

Complimenting this robust economic performance, the Ambassador of the Philippines to Canada Maria Andrelita Austria underscored the outstanding economic relations between the two countries as one of the reasons why Canadian banks should invest in the country. She emphasized that Canada is one of the Philippines’ major trading partners, with exports consistently increasing since the pandemic.

Private sector representatives further elaborated on these business opportunities during the panel discussion on the Philippine economic development agenda and investment climate.

Sun Life Philippines CEO and Country Head Benedicto Sison cited three key factors on why it is good to invest in the Philippines, including the promising opportunities for growth, a resilient economy, and a regulatory environment that is conducive to doing business.  

“That is why you hear economists like the International Monetary Fund, World Bank, and the Asian Development Bank describe the Philippine economy as robust because it is supported by strong and sustainable consumer spending. And this consumer confidence is further boosted by the young population of the Philippines and even further boosted by its sound financial system,” he said.

Manulife Philippines President and CEO Rahul Hora also added that the Philippines has favorable demographics and a high literacy rate: “We have a literacy rate of 99.0 percent and the familiarity of the population to the English language offers an extremely important edge over any other country for businesses in Canada.”

Prior to the private sector’s panel discussion, the Economic Team composed of Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, Department of Finance (DOF) Secretary Benjamin E. Diokno, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. presented the country’s economic outlook, investment opportunities, and priority expenditures.

The panel discussions were moderated by DBM Undersecretary Margaux Salcedo and BSP Managing Director Antonio Lambino II.

Finally, in her closing message, House of Commons of Canada member Rechie Valdez, the first Filipino woman elected as member of Parliament, shared her high hopes for the long-standing partnership between the two countries: “I’m confident that our dialogue will lead to stronger ties and increased cooperation between our two nations. Throughout our discussions, we emphasized the importance of economic cooperation and opportunity for our country to expand and continue enhancing our relationships.”

The PEB in Toronto was co-organized by the BSP, DOF, the Philippine Embassy in Canada, BofA Securities, Citi Bank, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank, UBS, Global Affairs Canada, Sun Life Philippines, and other partners. (DBM/PIA-Caraga)