Existing Nordic companies in the Philippines are staying put and continuing their operations, but concerns about government corruption have made prospective Nordic investors wary, a top official of the Nordic Chamber of Commerce of the Philippines (NordCham) said.
NordCham President Bo Lundqvist said this in a chance interview following the NordCham Philippines Outlook 2026 on Friday, January 29, which was held to keep members abreast of the country’s economic situation. The foreign business chamber is composed primarily of companies from Denmark, Finland, Iceland, Norway, and Sweden.
According to Lundqvist, more Nordic companies are interested in the Philippines, but concerns over corruption and red tape remain major challenges. “They need to be addressed, perhaps not for the Nordic business that are here because I think we are convinced. But our concern is we want more Nordic investment,” he said.
Lundqvist noted that Nordic companies already operating in the country remain optimistic about the Philippines’ prospects and are planning to expand their businesses, as they see strong potential in the market.
“I can tell you for sure that there is a lot of interest. And there is a gaining momentum of interest in Asia. But maybe dependent on some geopolitical global trends right now that we all know, and in the Philippines, in particular, there are concerns, rumors of corruption, rumors of red tape. From a Nordic perspective, those are red lights,” he said.
He explained that these issues are serious concerns because the Nordic business mindset does not align with such an environment. Thus, while interest remains strong, the challenge lies in converting this interest into actual investments.
“We have to address the difficulties with operating as a business, as a foreign investor in the Philippines,” he added.
While there have been efforts to make it easier for businesses to invest and operate in the country, Lundqvist said there is still a need for greater transparency and the removal of red tape in government.
“It’s easier said than done. I get that part too, I would like to say that I think that the current administration has done a good job, despite being put in a very difficult situation,” he added.
“Maybe not at the fault of the administration, but they had to deal with it. I’m happy to see that it’s dealt with in full transparency, that is a good indicator.”
Prospective Nordic investors are interested in the Philippines’ renewable energy sector, shipping, and retail. Probably the largest sector of Nordic business in the Philippines is in various forms of shipping, which could be traditional shipping, but also in manpower.
Norwegian companies here are exactly in that manpower, offshore shipping type of industry.
He also cited the big service center of the world’s leading shipping firm – Maersk – in the country.
The success of Ikea in Manila is expected to draw more interest from Nordic retailers.
