CANADA TO FURTHER INVEST IN THE PHILIPPINES

ORIGINAL ARTICLE
http://www.philstar.com/headlines/2012/11/11/865314/canada-further-invest-phl

 

MANILA, Philippines - Canadian Prime Minister Stephen Harper said his government would “make further investments” in the Philippines over the next three years with focus “on sustainable economic growth.”

Harper met with President Aquino and other government officials at Malacañang after he was given arrival honors yesterday. He said Canadian investments would come with assistance from the Asian Development Bank.

“These funds will help create new opportunities across the Philippines. The government of Canada has also approved the grant to the United Nations Entity for Gender Equality and the Empowerment of Women. These funds will be used to help improve the rights of women and girls throughout Southeast Asia,” he said.

Harper is the highest-ranking Canadian official to visit the country in 15 years, after former Canadian Prime Minister Jean Chretien, who came in 1997. Harper said Canada and the Philippines share a long-term commitment to economic growth and prosperity of its citizens.

The Canadian leader also described the Philippines as “an emerging Asian tiger.”
“Our government is taking actions to aggressively expand commercial relations with the entire Asia Pacific region. We’re doing so to help create jobs, economic growth and a better quality of life both in Asia and in Canada,” he said.

“That’s why I’m pleased to see that the many ties that bind Canada and the Philippines are strengthening. In 1985, our countries signed a Foreign Investment Promotion Protection Agreement. The Philippines has thus become an important economic partner for Canada. In 2011, bilateral trade reached nearly $1.5 billion. Our hope is to build on this strong and expanding commercial relationship,” he said.

Harper said the Philippines and the entire Asian region are “very crucial” to the long-term plans of his country. He said his predecessor, John Diefenbaker, noted that the future of mankind “may depend largely” on the prosperity and economic development of Asia.
Aquino said the visit of Harper was significant and a recognition of the change of atmosphere in the country.

“We keep saying that the Philippines is open for business under new management…We see increased commercial trade ties between our countries. Things that hindered the development of those ties in the past, under new management it will cease to exist,” Aquino said.

“Therefore, it is but logical to assume that the $1.5 billion two-way trade between our countries is just the starting point. And we are very optimistic of growth not only in the more people-to-people ties, but more importantly, perhaps, in trade and business opportunities that will redound to the benefits of both our people, and perhaps, give the opportunities for advancement here in our shores rather than outside. Canada helps us in this aspect,” he said.