Phl assures Canada of better business environment

MANILA, Philippines - The Philippines has assured Canada of the significant strides in structural and regulatory reforms in the country to ensure a more conducive and transparent business environment for both domestic and foreign trade and investment.

During a call to Canada’s Minister for International Trade Edward B. Fast at the Department of Foreign Affairs and International Trade in Ottawa, Philippine Ambassador to Canada Leslie B. Gatan noted that the implementation of transparency and accountability measures in the Philippines are drawing positive responses most notably from the stock market which started the year with, and continues on, a record-setting run.

The Filipino diplomat also noted that the Philippine economy is expected to be among the fastest growing economies not only in 2012, but in several years to come.

For his part, Fast said he sees the Philippines and Canada on the cusp of embarking on a new level of relations.

He said Canada is prepared to share its resources and technology with the Philippines, anchored on one of the closest people-to-people relations Canada has with any other country in the world. 

Fast also conveyed Canada’s interest in expanding trade relations in the Asia-Pacific region and expressed hope that the Philippines can signal its preparedness on furthering, expanding and enhancing bilateral commercial relations in areas such as mining, energy, tourism and agriculture.

Gatan noted Canada’s impressive economic performance for the past two years and drew attention to the country’s consistent top ranking in many business surveys.

He also lauded Fast for his accomplishments in the area of international trade and for his active campaign in promoting the growth of the Canadian economy and in highlighting the lead role of Canada in promoting global trade.

Meanwhile, Fast pointed out the high value placed by Canada on Filipinos working in or migrating to Canada, citing a strong sense of shared and common value system that enable Filipinos to integrate well into Canada, enabling them to become successful in the country.

It was noted that the 500,000-strong Filipino population in Canada are responsible for almost $2 billion in remittance flows to the Philippines.

Fast noted that Filipinos are welcome, as the rate of immigration of Filipinos has increased, more than any other nationality of any other country, in the past two years.

He further remarked that he has had a chance to interact on a regular basis with the growing and developing Filipino community constituency in his jurisdiction of Abbotsford in British Columbia.

He indicated that he is looking forward to visit the Philippines soon, and expressed confidence that many areas could be worked on to enhance trade and commercial relations further.