Philippine President Ferdinand Marcos Jr. wrapped up a four-day official visit to Canada by securing $2.5 billion in investment commitments from leading Canadian firms, a move set to bolster economic connections between the two nations. During discussions with Canadian Prime Minister Mark Carney, both leaders agreed to upgrade their bilateral relationship to a strategic partnership, which will enhance cooperation across various sectors including trade, security, energy, technology, and investment.
The investment pledges came after meetings with prominent companies such as B2Gold, OceanaGold, TELUS, and NQX. These discussions centered around several key areas: mining, critical minerals, energy, information technology, business process management (IT-BPM), and the expanding digital economy. President Marcos emphasized that these new investments underscore the necessity of finalizing a free trade agreement between the Philippines and Canada to further strengthen their economic ties.
An additional focus of the talks was the potential establishment of artificial intelligence hubs and training centers, aimed at developing AI skills within the global workforce. Both nations recognized the growing importance of technology and agreed to collaborate on initiatives that will enhance skill development in this rapidly evolving field.
In a further demonstration of commitment, Canada promised an initial C$2 million to support various projects in the Luzon Economic Corridor, including infrastructure, supply chain enhancements, and clean energy initiatives. The two countries also signed a Joint Declaration of Intent on Energy and Natural Resources Cooperation, reinforcing their shared goal to boost collaboration in these critical areas.
Additionally, there was an agreement to strengthen defense and security cooperation through existing bilateral agreements, reflecting a comprehensive approach to deepening ties. These developments mark significant progress in the Philippines-Canada relationship, with both nations poised to benefit from enhanced economic and strategic partnerships.