Amidst the disruptions caused by the COVID-19 pandemic, the Philippine startup ecosystem is vibrant and thriving. This year, more than ever, we are leveraging our strength in Fintech to promote the increased use of digital payments and e-commerce as we move forward and adapt to a new normal.
The Philippine E-commerce market is growing at a CAGR of 26.4%, one of the fastest growth rates in Southeast Asia. The government has developed the Philippines E-commerce Roadmap 2022 with an aim to improve the overall infrastructure landscape of logistics and e-payments among other initiatives to help boost online business activities. Startup success stories include GoodWork, a service provider hiring platform that closed a $1.6 million seed round in 2020.
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The Philippine Innovation Act and the Innovative Startup Act provide funding and other forms of support for startup, micro, small and medium enterprises, as well as removing barriers to doing business.
The government announced a “Small Business Wage Subsidy Program” to help businesses retain their employees during the quarantine period by providing wage subsidies of up to $160 per eligible employee for 2 months. A $20 million Enterprise Rehabilitation Financing facility has been established to provide loans to qualified micro and small businesses. Other forms of support include subsidies for startup incubation and acceleration.
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