PH gains more access to N. American countries with PH-Canada FTA

Detailed summary

The Philippines-Canada free trade agreement (FTA) which concluded Saturday will allow the Philippines to access more North American countries, an ...

MANILA – The Philippines-Canada free trade agreement (FTA) which concluded Saturday will allow the Philippines to access more North American countries, an economist said.

Michael Ricafort, Rizal Commercial Banking Corporation chief economist, said the FTA “is a potential FTA proxy with the US and other North American countries that do not have yet an FTA with the Philippines.”

"Thus, Philippine two-way international trade and investments with Canada will increase further, as a proxy/indirect trade through FDIs (foreign direct investments) in both countries, by capitalizing further on existing FTAs of both countries,” he said.

Government data showed that Canada is the Philippines’ 16th largest trading partner in 2025, with bilateral merchandise trade amounting to USD2.15 billion.

Ricafort said Philippine exporters will also greatly benefit from the FTA.

He said imports of oil and petroleum products, as well as other industrial products from Canada, will also benefit the Philippines.

He said this will reduce the Philippines’ reliance on oil exports from the Middle East, which has risen to record-high level due to the US-Iran conflict.

“Canada also needs to diversify its export markets through FTAs to diversify largely reliance on Canadian exports to the US amid tariff issues with Trump in recent months,” he added. (PNA)

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