Canadian Prime Minister Mark Carney on Thursday said the Philippines’ recent classification as an upper middle-income economy is a strong positive signal for investors, citing improved economic fundamentals and growing policy credibility.
Carney: Upgrade reflects sustained reforms
Carney said the upgrade reflects sustained reforms rather than short-term economic gains, noting that it underscores the Philippines’ continued progress in strengthening its development trajectory and expanding its role in global markets.
“It is a positive sign for the Philippines,” he said during a joint press conference with President Ferdinand R. Marcos Jr. at the Vancouver Convention Centre. “It's not something that reflects the latest economic statistic, a good quarter. It is something more broad and development that's been built over the course of the recent years,” Carney added.
Private sector participation and governance
Carney stressed that the Philippines’ growing emphasis on private sector participation in national development further strengthens its attractiveness as an investment destination. He said governance factors such as the rule of law, respect for human rights, and transparency are becoming increasingly important as economies develop.
He said ongoing initiatives, including the prospect of a Canada-Philippines free trade agreement, help reinforce these standards while deepening economic ties between the two nations. “That's part of the positive aspect. Agreements such as we're moving forward today, including the prospect of a free trade agreement, are reinforcing for all those factors,” Carney said.
Positive momentum in bilateral relations
Carney also welcomed what he described as the positive momentum in the two countries’ relations, saying they are moving forward in a way that supports long-term economic development and shared prosperity. “So, there's momentum here. And this is, I'll leave it with this, which is, this is what progress is, as you get reinforcing momentum, you continue to raise the bar, you have partners who move up with you, and that's what's happening with Canada and the Philippines today,” he said.
Marcos: Result of years of reforms
President Marcos said the Philippines’ new income classification reflects years of economic reforms and efforts to make the country more attractive to investors. He said the government’s push to recognize the private sector as a key development partner has been central to recent economic gains, alongside efforts to secure more free trade agreements and modernize key sectors. He reiterated his vow to sustain reforms to propel growth and boost investor confidence. “In terms of economic growth and in terms of being able to identify the sectors in our economy, and in our government as well, that need to be amended, that need to be modified, that need to be modernized, really,” Marcos said.
