Sweden expects Philippine investment boost from EU trade deal
The agreement is expected to be signed in 2027, while Swedish companies already in the Philippines plan to expand, according to Sweden's ambassador.
Swedish companies are expected to increase investment in the Philippines once its free trade agreement with the European Union is finalised, Swedish Ambassador Anna Pernilla Ferry told reporters at a briefing in Makati City.
Ferry said the agreement would encourage trade and investment between Sweden and the Philippines. In September, the EU and the Philippines announced that they had reached substantial agreement on the proposed pact, which is expected to be signed in 2027.
The trade deal is intended to prevent disruption when the Philippines' access to the EU's Generalized Scheme of Preferences Plus, or GSP+, expires. That arrangement currently allows more than 6,000 Philippine products to enter the EU market without duties.
Approximately 60 Swedish businesses operate in the Philippines or have representation there, Ferry said. Citing Business Sweden's latest assessment of the business climate, she said roughly 38 surveyed companies were optimistic about local conditions and planned to expand operations, increase investment and hire more staff.
Despite uncertainty linked to the global fuel price crisis, Ferry said Swedish firms remained encouraged by the Philippines' macroeconomic fundamentals, work culture and available talent.
