Canadian bankers, local business leaders, and key stakeholders gathered in Toronto for the Philippine Economic Briefing (PEB) on July 13, 2023, to discuss the country’s attractive investment landscape.
Solid Macroeconomic Fundamentals Bolster Philippines’ Resilience
In his welcoming message, Alain Auclair, Managing Director of UBS Securities Canada, praised the Philippines’ dynamic economy within the Asia-Pacific region.
Despite global headwinds, the country’s solid macroeconomic fundamentals and structural reforms have contributed to its robust recovery.
Canadian Banks Encouraged to Invest
Ambassador Maria Andrelita Austria highlighted the exceptional economic relations between the Philippines and Canada, citing it as a compelling reason for Canadian banks to invest.
Canada is a major trading partner, and despite the pandemic, exports between the two countries have consistently increased.
Private Sector Champions Philippine Investment Climate
During the panel discussion on Philippine economic development and investment climate, private sector representatives reinforced the potential business opportunities in the country.
Favorable Factors for Investing in the Philippines
Benedicto Sison, CEO and Country Head of Sun Life Philippines identified three key factors that make investing in the Philippines advantageous: promising growth opportunities, a resilient economy, and a business-friendly regulatory environment.
He emphasized that the robust Philippine economy is supported by strong and sustainable consumer spending and a sound financial system.
Rahul Hora, President and CEO of Manulife Philippines, emphasized the favorable demographics and high literacy rate of the Philippines. He highlighted the population’s familiarity with the English language as a significant advantage for Canadian businesses.
Economic Outlook and Priority Expenditures Presented
The Economic Team, comprised of key government officials including the Secretary of Budget and Management, Secretary of Finance, Secretary of National Economic and Development Authority, and Governor of the Bangko Sentral ng Pilipinas, presented the country’s economic outlook, investment opportunities, and priority expenditures.
Strengthening Bilateral Ties for Economic Cooperation
House of Commons Member Rechie Valdez, the first Filipino woman elected as a Member of Parliament, expressed optimism about the long-standing partnership between Canada and the Philippines.
Valdez emphasized the importance of economic cooperation and the potential for expanding and enhancing relationships between the two nations.
Collaborative Efforts for the Philippine Economic Briefing
The Philippine Economic Briefing in Toronto was co-organized by esteemed institutions including the Bangko Sentral ng Pilipinas, Department of Finance, 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.
The event aimed to foster dialogue and promote stronger ties between Canada and the Philippines.
Sources: THX News & Department of Budget and Management.
