NAIA Terminal II, Pasay City
11 May 2015
President Benigno S. Aquino III arrived in the country from a five-day Working Visit to the United States of America and State Visit to Canada, bringing good news for the Philippines’ economic stability, security, and strong bilateral ties with the two countries.
The President affirmed the success of his visits after meeting with different leaders, businessmen, and organizations. One of these is his meeting with Canadian Prime Minister Stephen Harper where both leaders discussed ways to boost trade exchange between the two economies. This includes the signing of agreements on trade, development assistance, and occupational health and safety.
A letter of intent was also issued among the Department of Foreign Affairs (DFA), Department of Trade and Industry (DTI), and Trade and Development of Canada on bilateral cooperation regarding trade and investment. The said cooperation targets to strengthen the longstanding trade and investment relationship between Canada and the Philippines by pushing exploratory discussions on the feasibility of a mutually beneficial Free Trade Agreement (FTA).
The upgrading of the 1996 Foreign Investment Promotion and Protection Agreement (FIPA) was also agreed upon as the two leaders discussed possible ways in giving Canadian and Filipino investors greater confidence when doing business with one another.
The small and medium enterprises (SME), on the other hand, was also discussed wherein the Canadian Trade and Development Facility offered projects and activities in providing trade-related technical services.
Moreover, the Philippines-Canada Mutual Accountability Framework was also signed that aims to foster positive relations and economic assistance between the two nations.
The President also reported investment opportunities from different private companies including a 20-million dollar or 1.3 billion peso waste-to-energy facility that will boost revenue collection of the government, amounting to 8.5 billion, within 30 years. The same company also plans to explore other investment opportunities in the areas of energy, tourism and agricultural sector.
He echoed the praises that the Philippines is receiving in the midst of the nation’s economic reforms. He also assured his bosses of continued efforts towards success.
“Sa kabila nito, inihayag din natin sa ating mga Boss: Hindi pa tayo kuntento sa nakamit natin ngayon. Tuloy ang pagkayod ng inyong gobyerno. Tuloy ang pagpapalawak ng oportunidad sa pag-asenso sa ating bansa, pati na ang paghahanda sa kinabukasan, nang sa gayon, hindi na maging sapilitan kaninuman ang pangingibang-bayan,” the President said.
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