Canadian bankers, business leaders and key stakeholders expressed interest to invest in the Philippines during the first Philippine Economic Briefing in Toronto, Canada.
UBS Securities Canada managing director Alain Auclair cited the Philippines as one of the most dynamic economies in the Asia-Pacific Region despite global headwinds.
“The country’s solid macroeconomic fundamentals reinforced the structural reforms, enabling it to withstand the headwinds and mount on strong recovery,” Auclair said.
Philippine Ambassador to Canada Maria Andrelita Austria said the outstanding economic relation between the two countries is one of the reasons why Canadian banks should invest in the country.
She said Canada is one of the Philippines’ major trading partners, with exports consistently increasing since the pandemic.
Private sector representatives elaborated on business opportunities during the panel discussion on the Philippine economic development agenda and investment climate.
Sun Life Philippines chief executive 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 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 chief executive Rahul Hora said 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,” he said.
The Economic Team composed of Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, National Economic and Development Authority Secretary Arsenio Balisacan and Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. presented the country’s economic outlook, investment opportunities and priority expenditures during the event.
Balisacan assured Canadian investors that the Philippine government is committed to sustaining transformative economic growth in the country.
This commitment aims to continually improve the investment climate in the Philippines and create more opportunities for businesses from investors worldwide, he said.
“This year, we expect to grow by 6 to 7 percent despite the external headwinds. We aim for 6.5 to 8 percent per year in the longer term. With that kind of growth, we should be able to transform the economy dramatically and reduce poverty substantially. We have been implementing many structural and policy reforms to achieve this objective,” said Balisacan during the open forum segment of the PEB.
The government’s chief economic planner said massive infrastructure development is key to enhancing the potential growth of the Philippine economy’s growth potential. He also underscored the importance of strengthening upskilling initiatives and human capital development institutions—such as schools—to meet the skill requirements of emerging markets and technologies to achieve this goal.