Local startup companies should seek out international collaborations and partnerships to help them adapt technologies that they can use to navigate through the rapidly changing business landscape.

Speaking at the recent Asia-Pacific Economic Cooperation CEO Summit, George Royeca, who leads Angkas, a pioneer in ride-hailing and tech-enabled transport services, said the country's local startups need support to uncover their potential to spur economic growth.

Royeca noted that these small companies, which help the Philippine economy stay afloat during the height of the pandemic, should maximize technology to advance their growth.

Coming in small packages

Data from the state-run Philippine Statistics Authority showed that startups or micro, small, and medium enterprises accounted for 99.51 percent of businesses in the country in 2020.