Philippine President Ferdinand Marcos Jr. has successfully wrapped up his official four-day visit to Canada, securing $2.5 billion in investment commitments from prominent Canadian firms. This development marks a significant strengthening of economic relations between the two nations. During discussions with Canadian Prime Minister Mark Carney, both leaders agreed to elevate their countries’ relationship to a strategic partnership, broadening collaboration in areas such as trade, security, energy, technology, and investment.
The investment commitments followed meetings with companies like B2Gold, OceanaGold, TELUS, and NQX, where conversations centered on sectors including mining, critical minerals, energy, information technology, business process management (IT-BPM), and the digital economy. A key topic was the establishment of artificial intelligence hubs and training centers aimed at enhancing AI skills for the global workforce.
President Marcos emphasized that these new investments underscore the importance of finalizing a free trade agreement between the Philippines and Canada, which would further amplify economic cooperation. The Canadian government also committed an initial C$2 million to support infrastructure, supply chain, and clean energy initiatives under the Luzon Economic Corridor project.
In addition to economic discussions, both nations have signed a Joint Declaration of Intent on Energy and Natural Resources Cooperation, indicating a mutual commitment to these sectors. They also agreed to enhance their defense and security collaboration through existing bilateral agreements, further solidifying the multifaceted partnership between the Philippines and Canada.