1 week ago
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The Board of Investments (BOI) is looking to strengthen the Philippines’ trade relations with Canada, particularly in the critical minerals sector, as both nations explore the prospect of a potential free trade agreement (FTA).
In a statement on Friday, March 7, the BOI said it engaged with high-level Canadian officials and industry leaders to pursue partnerships focused on innovation and investments.
The agency said these discussions mark a “pivotal step toward expanding bilateral cooperation between the two nations”.
According to the BOI, it met with Minister Mary Ng of the Export Promotion, International Trade, and Economic Development of Canada, who emphasized that strengthening trade relations would benefit both countries.
Canada, which recently faced tariffs from the United States (US), is now advancing its trade diversification strategy.
Ng said they are targeting a 50 percent increase in exports to diversified markets.
The BOI noted that this presents an immense opportunity for the Philippines to attract greater investment and collaboration from Canada’s innovative and sustainability-driven sectors, such as critical minerals.
“This mutual understanding is especially reassuring as both countries have agreed to negotiate a bilateral [FTA],” it said.
Minister Mary Ng of Export Promotion, International Trade, and Economic Development of Canada (third from left) together with the BOI delegation (BOI photo) Department of Trade and Industry (DTI) Secretary Cristina Roque said in December last year that both Canada and the Philippines are undergoing exploratory discussions for the FTA.
Roque explained that the FTA would open “new markets, attract investments, and drive innovation, which will support long-term economic growth and bring shared prosperity to both countries”.
In a bid to strengthen its strategic partnerships, the BOI’s delegation in Canada also engaged in a dialogue with Mayor Paul Lefebvre of Sudbury, Ontario to discuss the city’s mining and mineral processing ecosystem.
The BOI sees potential in replicating Sudbury—a leader in sustainable mining practices—as the Philippines develops its own critical minerals sector in key mining areas.
The Philippine delegation likewise visited a Canadian research and development facility specializing in developing new technologies for metal refining that expressed strong interest in exploring establishing operations in the country.
Additionally, they also met with representatives of the Ontario Centre of Innovation (OCI) to discuss avenues for industrial collaboration, including opportunities in the automotive, mobility, and mining sectors for Filipino Micro, Small, and Medium Enterprises (MSMEs).
