Swedish investors in the Philippines are highly optimistic on the country’s improving economy,
Swedish companies with stakes in infrastructure and services areas vowed to establish a long term relationship with the host country despite business challenges.
According to the report “Philippines–Open for Business Report” released Monday by Business Sweden, 92 percent of companies would pursue long-term business expansion in the Philippines while 85 percent reported their operations were still good.
Twenty Swedish firms employ about 30,000 direct and indirect workers. They have combined revenue of P30 billion (SEK 5 billion) with exports growing at 30 percent in 2018, almost reaching SEK 2 billion in the same year.
The survey, conducted from December 2018 to January 2019, also showed that 70 percent of respondents forecast solid growth, with expectations of a 10-percent rise in yearly sales within the next three years.