Philippines and Canada Exploring Free Trade Agreement Talks for 2025

The Philippines and Canada are in exploratory discussions for a potential Free Trade Agreement (FTA) in 2025, the Department of Trade and Industry (DTI) announced.

Strengthening Bilateral Ties

Trade Secretary Cristina Roque shared the development during the Team Canada Trade Mission Gala Reception on December 5, 2024, as part of the 75th anniversary of diplomatic relations between the two countries.

“This milestone represents a significant achievement in advancing bilateral trade and investment ties,” said Roque. She highlighted that a Philippines-Canada FTA could open new markets, attract investments, and foster innovation to support long-term economic growth.

Reforms and Investment Readiness

Roque cited initiatives like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) Act, which positions the Philippines as an attractive destination for global investments.

The DTI, along with agencies like the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), is prepared to assist Canadian companies in exploring opportunities in priority sectors.

Collaborative Vision

The gala event was attended by prominent figures, including Canadian Minister of Export Promotion, International Trade, and Economic Development Mary Ng, Canadian Ambassador to the Philippines David Hartman, and Senator Francis Tolentino.

Roque expressed confidence in the collaboration’s potential, stating, “Under the ‘Bagong Pilipinas’ agenda of President Ferdinand R. Marcos Jr., this FTA is set to generate high-quality and better-paying jobs for Filipinos.”

This FTA exploration signifies a move towards deeper economic cooperation, aiming to create shared prosperity for both nations.