PH Trade and Industry Dept opens T.O. office

PH Trade and Industry Dept opens T.O. office

The Opening & Blessing of the Trade Office, Philippine Consulate General Toronto was officiated by Undersecretary for Trade and Investment Promotion Group, Hon. Nora K. Terrado and was graced by Consul General Rosalita S. Prospero, Philippine Consulate General in Toronto; Ms. Sue Rauth, Deputy Director, Regional Office of Canada’s Trade Commissioner Service, Ontario Region; Alma Farias, Ontario Regional Representative, Trade Facilitation Office – Canada; Marivel Taruc, CBC Toronto News; Monet M. Trespeses, Area Manager Toronto, Philippine Airlines, and former employees of the Philippine Department of Trade and Industry, and officers of the Philippine Consulate General in Toronto and representatives from other Attached Agencies; and leaders and members of the Filipino-Canadian business and community.

Canada is the 21st trading partner of the Philippines. Total bilateral trade between the Philippines and Canada in 2016 stands at barely USD 1.0 Billion with exports from the Philippines of USD 529 Million outpacing imports from Canada of USD 417 Million resulting in a positive trade balance of USD 112 in favour of the Philippines. This level of trade is not commensurate to the high per capita income (valued in 2014 at USD 50, 271.07) of Canada that presents tremendous trade and investment market potentials that remains largely untapped.

There is definitely more room for improvement as a new phase of Philippine-Canada relations towards deeper engagement through increased dialogue on economic issues, regional trade and investment collaboration and development assistance and reporting on the priority trade policy issues to the Department of Trade and Industry.

Photo Credits: Bin Kon Loo, Filipiniana News

Canada has significant recent investments in the Philippines to the tune of PhP 357.87 Million mostly in manufacturing, real estate, wholesale and retail trade. This is a measly amount considering that total FDI outflow from Canada in 2014 amounted to USD 52.6 Billion.

According to Senior Trade Commissioner Maria Roseni M. Alvero, in addition to providing commercial intelligence and actively engaging in active dialogue on bilateral trade and investment-related issues/concerns with the Canadian government and its private business sector, there is the need to aggressively embark on a proactive promotion program that would contribute to the increase in the two-way trade and investment relations of both countries.

The DTI Office in Toronto, although having coverage over the whole of Canada, is designated as the Trade Section of the Philippine Consulate General in Toronto. It will be at the forefront of promoting Philippine merchandise exports to the Canadian market and attracting Canadian investments into the Philippines and will be positioned to capture opportunities where and when available. It will provide the necessary linkage between Philippine businesses including SMEs to the Canadian market and source of investments. It shall make available to Philippine and Canadian businesses, market research and investment advisory services, implement information campaigns, buyers servicing, business matching, planning, organizing and implementation of seminars, conferences, business missions and trade shows, and assistance in the resolution of trade disputes.

(PRESS RELEASE)