The Market Monitor Minding the Nation's Business
The Philippines is intensifying efforts to strengthen trade ties with Canada and other member nations of the World Trade Organization (WTO).
During a meeting with WTO Director-General Dr. Ngozi Okonjo-Iweala at Malacañang, President Ferdinand R. Marcos Jr. shared the administration’s vision for bolstering trade and commerce partnerships.
He stressed the pivotal role of trade in the country’s recovery from the COVID-19 pandemic, describing it as a key driver of economic transformation.
Dr. Okonjo-Iweala commended the Philippines for its robust economic performance amid global challenges, noting the country’s resilience in achieving substantial growth despite high global inflation and sluggish economic activity worldwide.
Her visit to the Philippines includes meetings with the Secretaries of Finance, Trade, and Agriculture to
discuss further collaborations.
President Marcos also welcomed Canada’s Minister of Export Promotion, International Trade, and Economic Development Mary Ng, who is leading the Team Canada Trade Mission (TCTM) Philippines.
This event, running from December 4 to 6 in Manila, has brought over 300 delegates from 180 Canadian companies to explore investment opportunities and forge partnerships.
The President highlighted the importance of such engagements in positioning the Philippines as a premier investment destination, emphasizing the government’s ongoing efforts to create a more business-friendly environment.
Minister Ng expressed optimism about the growing trade relationship between the two nations, citing the enthusiasm of Canadian businesses to invest and operate in the Philippines.
She affirmed Canada’s confidence in the Philippine market and the potential for fruitful collaborations, underscoring the shared excitement among Canadian stakeholders participating in the trade mission.
The TCTM Philippines is expected to yield significant investments, foster strategic partnerships, and generate substantial job opportunities, further strengthening the economic ties between the Philippines and Canada.