Marcos bags $2 billion in Canadian investment pledges

VANCOUVER – The Philippines has secured nearly $2 billion in investment commitments from Canadian businesses as President Marcos capped his official visit to Canada today (Philippine time). Marcos attended separate roundtable discussions with Canadian mining and IT-BPM executives at the Fairmont Pacific Rim yesterday. “The Philippines is certainly open for business, ready for partnerships and committed to create long-term value to responsible resource development and sustainable growth,” Marcos told business leaders who attended the discussion. Canada-based OceanaGold Corp. is undertaking a $1.9-billion expansion plan to extend the operational life of the Didipio Gold-Copper Mine at Kasibu, Nueva Vizcaya until 2037. Marcos also held a one-on-one meeting with executives of B2Gold Corp. and Philippine-based Filminera Resources Corp. to discuss planned expenditures of approximately $14 million for the solar plant expansion of the Masbate Gold Project and exploration programs. The two companies jointly operate the Masbate Gold Project. The President also met with executives of NQX to discuss the company’s three-year, $10.3-million expansion program to scale its high-tech customer experience and software engineering operations. “This strategic roadmap focuses on expanding the Canadian footprint in the Philippines,” Marcos said in a social media post. “NQX’s expansion is another sign that Canadian companies see the Philippines as a place where global businesses can grow,” he added. Other participants in the IT-BPM roundtable included Blackberry, CGI, Everise, Manulife, OpenText, Sun Life, Telus Corp. and InTouchCX. Trade Secretary Maria Cristina Roque said Canadian mining firms reaffirmed their expansion plans during their meeting with Marcos and expressed satisfaction with the government’s new mining policies. “They already discussed with (Environment) Secretary (Juan Miguel) Cuna and they already agreed to work closely together to really strengthen the mining industry in the Philippines,” Roque disclosed. During the discussion, Marcos emphasized the importance of energy cooperation amid developments in the Middle East, saying energy remains a top consideration for economic development. The high-level dialogue, organized by the Department of Trade and Industry, aimed to position the Philippines as a sustainable, predictable and socially responsible hub for mineral processing by leveraging the country’s vast nickel and copper reserves to attract Canadian investments in eco-friendly extraction technologies and renewable energy integration. On the sidelines of his official visit, Marcos also met with members of the Filipino community in Vancouver yesterday evening at the Fairmont Waterfront Hotel. He highlighted the importance of continuous upskilling and professional development for Filipino workers. He disclosed to the overseas workers that one of the priorities discussed during his meeting with Canadian Prime Minister Mark Carney was making professional credential recognition and certification more accessible to Filipinos seeking career advancement in Canada. “Every collaboration means more livelihood opportunities and a better quality of life for Filipino families,” he said. The President also recognized the contributions of Filipinos who are helping build Canada’s major construction, oil and energy projects, as well as those working in the education, agriculture, social services, hospitality, food and tourism sectors. The Philippines this year marks the 70th anniversary of the establishment of its first Foreign Service Post in Canada, the Philippine consulate in Vancouver. Canada is home to nearly one million Filipinos, making it the second-largest overseas Filipino diaspora after the United States. Marcos is scheduled to hold a press conference before departing for Manila. He and his delegation are expected to arrive home this afternoon.