A "powerhouse" delegation of Canadian businesses, poised to be the biggest-ever, will visit the Philippines this coming December to explore trade and investment opportunities.

Export Development Canada (EDC) managing director and head of Indo-Pacific George Monize told reporters on Wednesday, Oct. 16, that the upcoming "Team Canada" trade mission in Manila on Dec. 5 to 6 highlights strong ties celebrating the 75th year of bilateral diplomatic relations between the Philippines and Canada, which is also looking to expand exports to fast-growing Asian markets like the Philippines.

This year, Canada established its Indo-Pacific Agriculture and Agri-Food Office (IPAAO) in Manila, as well as opened EDC's representative office here -- the only export credit agency from any G7 country with physical presence in the Philippines.

Chia Wan Liew, EDC's counsellor and chief representative in the Philippines, said a delegation of about 450 business leaders from 250 Canadian companies will be in town, possibly the largest-ever since a prior trade mission from Canada that visited the country when it hosted the Asia-Pacific Economic Cooperation (APEC) Summit in 1996.

Monize said the president and chair of the 80-year-old EDC may also join the mission.

Carlo Figueroa, public affairs lead at the Embassy of Canada to the Philippines, said the forthcoming trade mission program will focus on areas of Canadian competitive advantage in four priority sectors.

These sectors of top interest to the Canadian delegation are as follows: agriculture and processed foods, including fish and seafood; clean technologies, clean energy and green mining; information and communication technology (ICT); as well as infrastructure, especially airport, smart city and nuclear technologies.

Monize said the Canadian government, through EDC, wants to diversify export markets besides its neighboring United States, which has turned protectionist, and China, the biggest yet "challenging" market in Asia.

In the Southeast Asian region and the Philippines, in particular, economic growth of above five percent—faster than in North America and Europe -- plus an expanding middle class appeal to Canadian goods exporters, Monize noted.

Two-way trade between Canada and the Philippines last year reached 3.4 billion Canadian dollars, Monize said, of which Canadian exports jumped 71 percent compared to levels in 2019, pre-pandemic.

Liew said Canada's major exports to the Philippines included beef, poultry, cereals, pulp and paper, as well as fertilizers and forestry products.

Two-fifths of Philippine exports to Canada, meanwhile, are electrical electronics products, Liew said.

Monize also said that Canadian infrastructure firms can lend their expertise in digitalization and renewables like offshore wind, solar battery storage, and grid upgrades.

"The Philippines' ongoing need for infrastructure improvements across a range of industries, energy sufficiency and food security could be an excellent prospect for medium-sized Canadian exporters. Canada has deep experience in engineering, transit and construction, renewable energy and high quality agri-food products as the Philippines continues its economic development and population growth," Liew also said.

While opportunities abound, Monize said that in general, Canadian traders and investors are known to be "conservative" as they shun corruption and seek certainty in terms of the taxation, regulatory and political environments in their export and investment destinations.

"They are looking for stability," Monize added.

As such, Monize is optimistic about the prospects for a bilateral trade agreement between Canada and the Philippines.

It will also help if trade and investment partners are attuned to the environmental, social and governance (ESG) investing framework, in which Canadian firms adhere to, Monize said.