The Department of Trade and Industry has urged businessmen from Nordic countries to look at various investment opportunities in the Philippines, stressing the improved business climate in the country.
“The investment climate in the Philippines is exhilarating and very promising. The investment upgrade from Standard and Poor’s, Fitch and the Japan Credit Rating Agency has given the country a better external profile, making it more appealing to foreign investors. It affirms that the Philippines is indeed open for business, backed by strong economic growth and government finances, political stability and resilience to external shocks as key drivers,” said Trade Undersecretary Ponciano C. Manalo Jr.
Manalo made the pitch during the Nordic Ambassadors’ panel discussion on Nordic-Philippine trade and investment opportunities. The luncheon with the Nordic Business Council was an occasion to present the business opportunities between the Philippines and the Nordic countries and to interact with key decision-makers in the government and private sector.
Nordic countries include Denmark, Finland, Iceland, Norway, Sweden and the Baltic, specifically Estonia, Latvia and Lithuania.
Manalo explained to the delegates the opportunities highlighted in the Investment Priorities Plan (IPP), the list of preferred economic activities that are eligible for incentives.
These include agriculture, agribusiness and fisheries, creative industries and knowledge-based services, hospital and medical services projects, infrastructure including the public private partnership (PPP) projects, motor vehicles, research and development, and shipbuilding.
Two Nordic firms—Tieto and Sonion, according to Manalo–have already chosen the Philippines as their investment locations in Asia.
“I am confident that [Tieto and Sonion] will become an inspiration for other Nordic companies and that they will also experience the business opportunity that the Philippines presents,” Manalo said.
Tieto is the largest Nordic information technology (IT) services company providing full life-cycle services for the private and public sectors, while Sonion is a global company involved in developing, manufacturing and marketing microacoustic and micromechanical solutions for customers that manufacture hearing instruments and in-ear earphones.