At least eight banks and insurance companies have expressed interest to expand and invest in the Philippines, Trade Secretary Gregory Domingo said Tuesday.

“We met with top financial companies and about eight major banks and insurance companies we spoke to in Canada showed interest in the Philippines,” Domingo told reporters at the sidelines of the EU-Philippines business conference at the Shangri-La Hotel in Makati City.

Domingo accompanied President Benigno Aquino III during a three-day state visit in Canada from May 7 to 9.

Among the major banks interested in the Philippines are Bank of Montreal and TB Bank Group. Officials of both banks were present during a round table meeting in Toronto with Canada’s biggest business groups and independent companies.

Domingo said while interest in the Philippine mining sector was not as vibrant as in the past, the Canadian financial sector was taking the lead in investing in the Philippines.

He added aside from financial services, two Canadian companies expressed interest to set up cranberry and raspberry plantations in the Philippines.

The Philippines is working out a bilateral trade agreement with Canada and recently signed a mutual coordination cooperation agreement during the state visit.

Both countries are also reviewing the investment promotion and mutual protection agreement to improve trade relations.

The Philippines has over 40 investment promotion and mutual protection agreements with different countries.

Earlier, the Board of Investments said Canada was aware the Philippines was an emerging market.

Meanwhile, European countries are interested in making the Philippines the hub of their business operations in Southeast Asia.

The European Chamber of Commerce of the Philippines said in a press briefing it was pushing for legal and legislative support from the Philippine government to make investing here worthwhile. 

Source: Manila Standard Today