More Finnish firms eye PH investments
MANILA, Philippines — Finnish companies are showing growing interest in investing in the Philippines, encouraged by the country’s economic growth, with some businesses eyeing to develop power plants and waste management systems, as well as contribute to the construction of a new airport here.
Ville Tavio, Finland’s minister for foreign trade and development, described the Philippines as a “very promising country” for economic opportunities, expressing optimism about strengthening trade ties amid ongoing free trade agreement (FTA) discussions with the European Union.
During his visit from Oct. 24 to Oct. 25—the first ministerial visit since Finland reopened its embassy in 2020—Tavio met with Foreign Secretary Enrique Manalo and Trade Undersecretary Ceferino Rodolfo.
READ:
In an interview in Mandaluyong City, Tavio said that he discussed trade policies with Philippine officials and pointed out the EU’s “very good experiences” with new FTAs in Southeast Asia, specifically in Vietnam.
According to Tavio, the trade agreement with Vietnam increased EU-Vietnam trade by up to 40 percent over roughly four years, and he anticipates similar growth with the Philippines once the FTA is finalized.
Article continues after this advertisementTavio led a delegation of about 10 Finnish companies interested in projects related to energy, waste and water management, and airport and seaport infrastructure.
Article continues after this advertisement“We are actually looking at building power plants and waste management centers. Waste recycling and the circular economy is one of our strong areas, and we are also looking to participate in the building of a new airport,” Tavio said.
He noted Finland’s commitment to renewable energy as the country works to eliminate coal power plants and achieve its “ambitious” goal of carbon neutrality by 2035.
Tavio also highlighted Helsinki’s efficient waste management system, where only 1 percent of waste goes to landfills.
“We have been looking to build waste recycling centers and help cities grow with urbanization and so-called smart buildings,” Tavio said.
Finnish exports to the Philippines mainly consist of high-tech machinery, with all Finnish companies offering digitalized solutions, according to Tavio.
When asked about potential involvement in airport construction in Manila, Tavio said that Finnish engineering firm Kone could provide elevators and “walkalators,” or moving walkways.
“We have a tech company building hangar doors and companies that are also building different types of lifters, heavy lifters … to load the cargo,” he said.
In addition to the New Manila International Airport in Bulacan, targeted for completion in 2028, the country’s primary gateway, Ninoy Aquino International Airport, is currently undergoing rehabilitation and modernization by a San Miguel-led consortium.
