If you go into the swamp, the old guy who's telling the story says "The rest of us were planning on being in the sequel." Is there a sequel?

Unfortunately not. The only reference to a sequel is in-game apparently.

I wouldn't be surprised if Al Lowe had planned a potential sequel if it - and Sierra had continued to prosper.
I always wanted another Torin's Passage also...

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Ask GoG to include all the original files! https://www.gog.com/wishlist/site/for_dos_games_if_theyre_scumvm_also_include_original_files

I would have loved for him to finish the Torin's Passage series. That was a great game. Unfortunately, it left some unanswered questions that will never be answered.

Freddie Pharkas is okay without a sequel. Torin's Passage needs at least one. I would love sequels to both of them though.