By Marinel Peroy
Export Development Canada (EDC) has officially opened its new office in Manila, marking a significant milestone in strengthening Canada-Philippines trade ties and enhancing Canadian companies’ opportunities in the Indo-Pacific region.
“One of our strategic priorities was to grow business for Canadians in the Indo-Pacific region,” said Mairead Lavery, EDC president and chief executive officer.
Lavery highlighted that EDC’s presence in Manila represents the only foreign export credit agency from a G7 country in the Philippines, underscoring its historic significance during Canada’s largest delegation visit to the country.
“We’ve also opened offices in Jakarta, in Tokyo, [and] in Seoul. So we’re really trying to come into the region,” she added.
The Manila office provides Canadian businesses a gateway to expand operations and explore investment opportunities in the Philippines, furthering economic collaboration between the two nations.
FTA negotiations set for January
On the heels of the EDC office opening, Canadian Minister Mary Ng announced that exploratory talks for a Free Trade Agreement (FTA) between Canada and the Philippines will commence in January 2025.
Ng, who led the Team Canada Trade Mission (TCTM) to the Philippines from December 4 to 6, emphasized the importance of such agreements in providing predictability for businesses.
“The reason it’s important is because businesses always look for predictability. FTAs give us the rules of engagement, and I’m very much looking forward to those negotiations, and we are launching exploratory talks right away,” she said.
Ng also pointed to ongoing negotiations for an FTA between Canada and the Association of Southeast Asian Nations (ASEAN), signaling Canada’s broader engagement in the region.
“I believe that the teams are going to get together at the very beginning of the new year. We’re already in December so the new year is only a month away, and they’re going to begin doing that work,” she said.
Ng outlined key areas of potential cooperation between Canada and the Philippines, including trade, energy, tourism, digital innovation (AI), food and agriculture, critical minerals, and green mining.
“You’re already seeing the interest in the Philippines and that already will give us a lot of momentum for the FTA discussions,” she said.
Canada’s bilateral trade with the Philippines is currently valued at approximately $5.6 billion, comprising $3 billion in merchandise trade and $2.6 billion in services, illustrating the robust economic relationship between the two nations.
