Cebu City, Cebu – On a recent visit to the city of Cebu in the Visayas region of the Philippines, Canadian Ambassador to the Philippines Neil Reeder said that the Canadian Government is determined to boost economic ties with the country. Reeder said, however, that Philippine lawmakers should first ease economic restrictions in order to attract more foreign direct investments (FDIs.)
The Ambassador said that although the Philippines and Canada continue to enjoy a “healthy trade relationship,” the “restrictive restrictions” particularly on the Constitutional provision on landownership work against economic growth and greater employment opportunities.
“The Philippines lags behind Thailand and Vietnam in terms of FDIs because this country has more economic restrictions than other countries. If the Philippines wan to be more globally competitive, especially with the impending Asean integration, then it must move quickly to institute economic reforms in the Constitution,” Reeder said at a press interview.
The Canadian envoy was in Cebu to launch the Canada Day Fair held at the Activity Center of the Ayala Center Cebu. The event was organized to enhance trade and investment links between the two countries.