09 September 2014 - Under the Global Markets Action Plan (GMAP) of Canada, the Philippines is now designated as a priority emerging market -- offering value and opportunity for a broad range of Canadian interests.
The designation is an affirmation of the positive developments concerning the Philippine economy which Canada now deems to demonstrate a high potential for economic growth, where Canadian capabilities have a best potential for success, and where government support, through economic diplomacy, can have the greatest impact.
The Philippines becomes a priority country for facilitating foreign direct investment, and partnerships in technology and talent by the government of Canada in working with various Canadian enterprises.
Canada has identified priority areas for further commercial engagement. These are agriculture and agri-food, defense and security, education, Information and communications technologies, infrastructure, mining and sustainable technologies.
The Philippines joins 21 other economies across the globe as a priority emerging market for Canada. It also joins other ASEAN partners such as Indonesia, Malaysia, Singapore, Thailand and Vietnam in the GMAP Emerging Market Priority Category.
The development bodes well for increased Philippines-Canada economic linkages and exchanges and provides a crucial boost in confidence for Canadian business in doing business with and in the Philippines. The designation comes after Canada named the Philippines as a country of focus for development aid in June this year.
As of 2013, total trade between the Philippines and Canada increased by 13.25% to CAD1.7 billion. The Philippines enjoys a trade surplus with Canada with Philippine exports increasing to CAD1.14 billion for the past year. Philippine imports from Canada stood at CAD 603.4 million (as adjusted).
Further facilitating two-way trade is the recent expanded air services agreement between the two countries, increasing the frequency of flights and facilitating code sharing among air carriers. In 2013, the Philippines received 131,381 visitors from Canada, making Canada the 8th largest source of tourists for the country. In January 2014, the first edition of the Winter Escapade - It’s More Fun In The Philippines, helped spur economic activity in typhoon-devastated areas of Panay Island. END