Canada gov't invites investors from PHL

CEBU, Philippines - While there is a growing number of Canadian companies investing in the Philippines, the Canadian government is also intensifying its effort to encourage more Filipino companies to invest in Canada, in order to attain a good balance of trade.

“We are trying to get more Filipino companies to invest in Canada. Philippine investment to Canada is very small,” said Andrew Smith, senior trade commissioner of the Canadian Embassy in the Philippines.

He said the Canadian government is already touching base with San Miguel Corporation (SMC), and Gokongwei-owned URC (Universal Robina Corporation), and others to take advantage of the Canadian market, specifically that the number of Filipinos migrating to Canada is significantly growing.

Smith said the Filipino-owned companies that are into agri-food industries could do well and be profitable in Canada, considering that the country has ample supply of commodities.

Meanwhile, Canadian companies are also eyeing investment opportunities in the Philippines, particularly in the telecom, BPO, and airline sectors.

He said tourism exchange between the Philippine and Canada can improve, if the newly introduced “pocket open-skies” policy will be reviewed and give opportunity for foreign airline companies to enter the Philippines.

Unfortunately, at present the regulation has excluded some foreign airlines to enter Manila. “I’m not sure Canadian carriers are also interested to enter into other airports outside of Manila.”

However, he said the Canadian government is interested into forging partnership with the Philippine government in terms of airport development program.

As of 2010, Canadian exports to the Philippines reached to 84 million (Canadian dollars), about 36 percent of which are agri-related products.

From the Philippines on the other hand, exports to Canada are largely composed of electronic products.

Smith added that one interesting cooperation between the two countries is also into the “labor mobility” aspect, as the Philippines is one of the largest labor providers for Canada.

This time, the Canadian government cut down its priority skilled workers requirements to 29 identified skills, of which most of these requirements are found in Filipino talents.

Top five skill include; skilled food service personnel, radiologists, hospitality experienced workers, engineers, and accountants.

Last year, Filipinos working and residing in Canada remitted a total of P2 billion to their respective families in the Philippines.

This is expected to increase in the next few years, as more Filipinos are migrating, and working in Canada. (FREEMAN)