As you know, the higher the ICOR, the less efficient the production process is. Recognizing the skills of our workforce, the government has invested heavily in various social programs such as the Universal Health Care Act and the Access to Quality Tertiary Education Act (RA No. 10931). You may not know this but 40% of our budget goes to social services.
Two Canadian commercial banks have established four branches in China and the other four have set up representative offices. There are great potentials for trade, investment and financial cooperation between our two countries. We look forward to closer financial and economic cooperation with Canada. Thank you. BIS Review 40/2004  5