Canadian bankers, businesses laud PH growth story

The Philippines has received recognition from Canadian bankers, local business leaders, and key stakeholders for its remarkable economic performance in the Asia-Pacific Region, even in the face of challenging global conditions.

During the Philippine Economic Briefing in Toronto, Canada, Managing Director Alain Auclair of UBS Securities Canada said the Philippines has remained an attractive investment destination in the Asia-Pacific region amid global headwinds.

“The country’s solid macroeconomic fundamentals reinforced the structural reforms, enabling it to withstand the headwinds and mount on strong recovery,” Auclair said.

“And with capable leadership at the forefront of a robust economic plan, the Philippines is poised for a promising economic future,” he added.

Complimenting this robust economic performance, the Ambassador of the Philippines to Canada Maria Andrelita Austria underscored the outstanding economic relations between the two countries as one of the reasons why Canadian banks should invest in the country.

She emphasized that Canada is one of the Philippines’ major trading partners, with exports consistently increasing since the pandemic.

Private sector representatives further elaborated on these business opportunities during the panel discussion on the Philippine economic development agenda and investment climate.

Sun Life Philippines CEO and Country Head Benedicto Sison cited three key factors on why it is good to invest in the Philippines, including the promising opportunities for growth, a resilient economy, and a regulatory environment that is conducive to doing business.

“That is why you hear economists like the International Monetary Fund, World Bank, and the Asian Development Bank describe the Philippine economy as robust because it is supported by strong and sustainable consumer spending,” Sison said.

“And this consumer confidence is further boosted by the young population of the Philippines and even further boosted by its sound financial system,” he added.

Manulife Philippines President and CEO Rahul Hora also added that the Philippines has favorable demographics and a high literacy rate.

“We have a literacy rate of 99.0 percent and the familiarity of the population with the English language offers an extremely important edge over any other country for businesses in Canada,” Hora said.

Prior to the private sector’s panel discussion, the Philippine economic team presented the country’s economic outlook, investment opportunities, and priority expenditures. — Chino S. Leyco