The Market Monitor Minding the Nation's Business
Canadian Prime Minister Mark Carney on Thursday (Canada time) said the Philippines’ elevation to upper middle-income economy status sends a strong signal to global investors, reflecting years of economic reforms and improving policy credibility.
Speaking during a joint press conference with President Ferdinand R. Marcos Jr. at the Vancouver Convention Centre, Carney said the new classification highlights the country’s sustained development rather than short-term economic performance.
“It is a positive sign for the Philippines,” Carney said.
“It’s not something that reflects the latest economic statistic, a good quarter. It is something more broad and development that’s been built over the course of the recent years,” he added.
Carney said the Philippines’ continued efforts to expand private sector participation in national development further enhance its appeal as an investment destination.
He also underscored the growing importance of governance, transparency, the rule of law, and respect for human rights in attracting long-term investments as economies continue to develop.
According to Carney, ongoing initiatives between Canada and the Philippines, including the prospect of a bilateral free trade agreement, will help reinforce these standards while strengthening economic cooperation.
“That’s part of the positive aspect. Agreements such as we’re moving forward today, including the prospect of a free trade agreement, are reinforcing for all those factors,” he said.
The Canadian leader also welcomed the growing momentum in bilateral relations, saying both countries are building a partnership that promotes long-term economic growth and shared prosperity.
“So, there’s momentum here. And this is what progress is—as you get reinforcing momentum, you continue to raise the bar, you have partners who move up with you, and that’s what’s happening with Canada and the Philippines today,” Carney said.
For his part, President Marcos said the Philippines’ new income classification is the result of years of reforms aimed at strengthening the economy and making the country more attractive to investors.
He said the administration has pursued policies that recognize the private sector as a vital partner in national development, while also working to expand free trade agreements and modernize key sectors of the economy.
Marcos reaffirmed his commitment to sustaining these reforms to further accelerate economic growth and boost investor confidence.
“In terms of economic growth and in terms of being able to identify the sectors in our economy, and in our government as well, that need to be amended, that need to be modified, that need to be modernized, really,” the President said.