Major Swedish investors have expressed their strong interest in investing in the Philippines’ pharmaceuticals, defense industry, green projects, financial solutions and deeper public-private partnerships (PPP), Department of Finance Secretary Ralph Recto announced.

Recto shared that he has already met with the Swedish investors represented by Skandinaviska Enskilda Banken (SEB) Chairman Marcus Wallenberg and Saab President and Chief Executive Officer Micael Johansson.

SEB is a leading North European financial group with a current market value of USD 30.61 billion (approximately PHP 1.7 trillion) as of March 2024. Saab, on the other hand, is a prominent Swedish defense and security company with a market value of USD 10.36 billion (roughly PHP 580.18 billion) as of the same period.

Ambassador of the Kingdom of Sweden to the Republic of the Philippines Annika Thunborg accompanied the investors during the meeting with Recto.

Secretary Recto, in turn, invited Swedish investors to invest in the country’s flagship infrastructure projects which he said are primed and ready for PPP investments under the administration’s Build Better More program.

The secretary highlighted that the Build Better More program features 185 big-ticket infrastructure projects worth PHP 9.14 trillion (about USD 163 billion) ranging from power, physical connectivity, rural development, water resources, digitalization, sustainable initiatives, and healthcare.

He emphasized the strategic advantage of investing in the Philippines, citing its status as the fastest-growing economy in the ASEAN despite external challenges such as elevated inflation, slower global growth, and rising geopolitical tensions.

Secretary Recto also showcased the pro-business and economic liberalization policies that the country has in place to foster a welcoming environment for businesses and encourage foreign partnerships.

These include the recently-enacted PPP Code; the amendments to the Retail Trade Liberalization Act (RTLA), the Public Service Act (PSA), and the Foreign Investments Act (FIA); and the amendments in the implementing rules and regulations of the Renewable Energy Act of 2008.

Secretary Recto likewise shared that the government is refining the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act to further tailor fit the incentives to investor interests and encourage investment in strategically important sectors.

📷: Department of Finance FB