Vancouver: Canadian Prime Minister Mark Carney on Thursday (Canada time) emphasized that the Philippines' recent classification as an upper middle-income economy serves as a strong positive signal for investors, highlighting the country's improved economic fundamentals and growing policy credibility.
According to Philippines News Agency, Carney noted that the upgrade reflects sustained reforms rather than short-term economic gains. He emphasized that it underscores the Philippines' continued progress in strengthening its development trajectory and expanding its role in global markets. During a joint press conference with President Ferdinand R. Marcos Jr. at the Vancouver Convention Centre, Carney remarked, "It is a positive sign for the Philippines," and added that the development is broader than just the latest economic statistics.
Carney further stressed the importance of the Philippines' growing emphasis on private sector participation in national development, which bolsters its attractiveness as an investment destination. He highlighted governance factors such as the rule of law, respect for human rights, and transparency as increasingly important as economies develop. Ongoing initiatives, including the prospect of a Canada-Philippines free trade agreement, are seen as reinforcing these standards while deepening economic ties between the two nations.
Carney welcomed the positive momentum in the relations between Canada and the Philippines, noting that they are moving forward in a way that supports long-term economic development and shared prosperity. "So, there's momentum here," he stated, underscoring the reinforcing nature of progress and partnership between the two countries.
President Marcos echoed Carney's sentiments, attributing the Philippines' new income classification to years of economic reforms and efforts to make the country more attractive to investors. He reiterated the government's commitment to sustaining reforms to propel growth and boost investor confidence, emphasizing the central role of the private sector as a development partner and the importance of securing more free trade agreements and modernizing key sectors.
