The economic managers successfully brought their US-Canada non-deal roadshow to a close on July 14, 2023 (Eastern Daylight Time). Composed of a series of roundtable meetings in New York (July 10-12) and Toronto (July 12-14), the non-deal roadshow served as an opportunity for investors to learn more about the Philippines’ growth outlook, economic and fiscal policy environment, investment opportunities, and growth engines in the medium and long term.
“The Philippines has a very interesting story to tell. The meetings we had in New York and Toronto gave us the opportunity to share with current and potential investors the country’s robust growth outlook and the engines that will drive this growth, such as the recently reopened mining industry, the rebound of tourism, and the ambitious Build Better More program,” Finance Secretary Benjamin E. Diokno said.
Secretary Diokno, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, and Treasurer of the Philippines Rosalia V. De Leon led in-depth discussions on the country’s priority high-growth sectors, the reopening of the mining industry, tourism, manufacturing, the growth of business process outsourcing (BPO), renewable energy and green investments, environmental, social and governance (ESG) issuances, overall growth outlook, and the Maharlika Investment Fund (MIF).
The economic team met with a mix of fixed-income and infrastructure funds, institutional investors, development finance institutions, mining companies, and asset management companies.
Select funds, including development finance institution FinDev Canada; pension funds Ontario Teachers’ Pension Plan, OPTrust, Ontario Municipal Employees Retirement System, and Healthcare of Ontario Pension Plan; and investment management companies Black Creek and Vanguard expressed keen interest in the Philippines’ public-private partnership opportunities in infrastructure, investments in sustainability and energy transition, and sovereign issuances in the pipeline.
Closing the roadshow activities, Secretary Diokno and Secretary Pangandaman led the market close ceremony at the Toronto Stock Exchange (TSX), the largest exchange in Canada, on July 14, 2023. During a meeting before the market close, TSX Head of Government Affairs David Clarke presented opportunities to deepen capital in mining – a major industry in Canada – in the Philippines and talked about the huge presence of TSX-listed companies with mining activities in Asia and the Philippines.
The non-deal roadshow was organized and supported by the Bangko Sentral ng Pilipinas-Investor Relations Group (BSP-IRG), Department of Finance (DOF), BofA Securities, Canada-ASEAN Business Council, Global Affairs Canada, Citi, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Philippine Embassy in Canada, Standard Chartered Bank, Sun Life, Manulife, and UBS.
