“Although the current entrepreneurial environment in the Philippines is not ideal, it still has great potential. In the first eight months of 2018, Southeast Asian start-ups received a record $3.16 billion in venture capital funding. The Philippines, however, is a different story. According to public data, only a small amount of money has gone to startups in the Philippines this year. Start-ups in the Philippines have received less than $50M in venture capital funding this year. For the whole of 2018, there were only seven financing cases in the Philippines, down from 10 last year and 21 in 2016,” said Mr. Xue.
The Philippines was one of the first countries in the world to launch a mobile payment service, but has made little progress in making mobile payments mainstream. For now, the Philippines remains highly dependent on cash transactions. To get Filipinos use e-payment services, they need to be given a compelling reason to feel comfortable keeping their money in e-wallets.
Giancarlo Angulo's Blog