This increasing investment has led to the emergence of the local technology market with the fortification of the Iron Triangle (consisting of logistics, e-commerce, and fintech sectors) as a result of the global pandemic.
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E-Commerce is booming in the Philippines
The Philippines’ e-commerce sector is the biggest gainer from the pandemic-fueled digitization.
In fact, a total of 35 e-commerce startups (including enablers) were founded in 2020 and 2021 alone, during the pandemic.
E-money accounts have also skyrocketed by 94% in 2020, following the necessary digitization of financial transactions in light of lock-downs.
It is expected that 70% of the country's population will be banked by 2023.
Startup founder gender gap is narrowing in the Philippines
Gobi-Core’s tracking has also revealed that the gender gap between female to male startup founders in the Philippines is now 1:2.
This value is a massive improvement from 2015, where the gender ratio was 1:5.
In other words, more women are taking up entrepreneurship and even leadership roles in organizations, with more gender equality within the country.
With the Philippine technology market now being solidified in the country’s ecosystem, the report mentions that there is now a "clearer direction of how this startup community will continue to progress".
This includes the country’s new wave of technopreneurs, the preference for camels (startups not needing constant investments) over unicorns, and the rise of the entertainment and cryptocurrency sectors in this new world.
With these opportunities, the Philippine startup ecosystem is only just beginning with the potential to take its place in the world as a key player in the technology sphere.