Hi. It’s Simone here.
The Philippines is Southeast Asia’s third largest economy. The country has a population of over 110 million inhabitants, the second largest in the region, with a median age of around 24 years old—the youngest in the ASEAN region.
With 12 new million people using the internet for the first time since the start of the COVID-19 pandemic, the Philippines became the fastest growing digital economy in Southeast Asia in 2021. All these indicators outline a rosy environment for local startups, but the truth is that the country still needs to overcome many challenges to boost its startup ecosystem, among them, insufficient funding and low per capita internet goods and services spending.
Stephanie analyzed these and other findings from the recent Philippine Startup Ecosystem Report 2021 by Gobi Partners and Core Capital. Here is the story.
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