Finnish firms scout for projects in PH

Finnish firms are scouting for investment opportunities in the country, encouraged largely by the Philippines’ rosy economic prospects and the slew of incentives being offered to foreign investors.

Trade Undersecretary Ponciano C. Manalo Jr. said he would meet today with the seven-man delegation representing Finnish firms in the financial and insurance industries, construction sector and forestry management.

The arrival of the Finnish delegation was an offshoot of the trade and investment mission conducted by the Department of Trade and Industry in October last year, wherein the Philippines was marketed as a viable and lucrative investment destination for European firms.

“We made a pitch then on how good the investment climate is in the Philippines. At that time, we were in a very good situation because we had just gotten an endorsement (ratings upgrade) from Moody’s,” Manalo said.

“These companies from Finland were very interested then in the Philippines as we told them the benefits of investing in our business process management industry and we also told them about the opportunities for air service agreements with them,” he added.

According to Manalo, the representatives of the Finnish companies will be in the country for three days, one of which will be dedicated solely to an investment seminar with the Board of Investments (BOI).

The trade official underscored the significance of investments from these companies as the Philippines stands to learn much from Finnish firms, particularly in the field of design.

“Finland has a huge design industry that we could benefit from and learn from through the Design Center of the Philippines. Overall, we see huge investment opportunities from Nordic countries,” Manalo said.

“We’re very hopeful that we can invite more Nordic countries to invest in the country. As it is, we already have investments from Denmark, which had set up a manufacturing facility in the country for hearing instruments, while a number of retail companies from Europe are now looking at coming here in the country,” he added.  Amy R. Remo