The Philippines is often described as an emerging market, fuelled by a growing middle class, favourable demographics, and large investments in infrastructure projects. The economy is growing very quickly and today there are 40 Swedish companies in the Philippines that capitalise from this economic progress.
This is one of the fastest-growing economies in the world, with a gross domestic product (GDP) growth rate of around 6.5% . It is strategically located in Southeast Asia, making it an ideal hub for trade and commerce. The country is situated at the crossroads of major shipping lanes, providing easy access to major markets such as China, Japan, and the United States.
Opportunities for Swedish companies
The Philippine government has launched an ambitious infrastructure program, Build Better More (BBM), which provides opportunities for Swedish companies within areas such as construction, green energy and sustainable transport solutions.
The Philippines also has a target to increase its renewable energy capacity and to achieve 35% renewable energy share in the country's energy mix by 2030. Since end of 2022, the Philippines is open to 100% ownership for foreign direct investments in the RE sector, creating exciting opportunities for companies within solar, wind, and hydro power.
How we can help
Business Sweden has been present in the Philippines since 2017. Our team offers strategic advice and has a support network that helps Swedish companies get their business on track.