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.
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.
"The President's emphasis on digital infrastructure aligns with our shared goal of leveraging technology to enhance the lives of Filipinos. The integration of robust digital infrastructure is crucial not only for education and financial transactions but also for fostering a more efficient and productive society," Royeca said.
"At Angkas, we recognize the transformative power of technology in driving positive change and economic growth," he added.
Royeca was part of the business delegation representing the innovative and dynamic tech startup industry in the Philippines, assembled by the Department of Trade and Industry.
The summit, on the other hand, served as a premier business event that brought together top executives, government leaders and thought leaders from the APEC region.
It provided a platform for influential figures to engage in discussions on key economic issues, business trends and collaborative opportunities that shape the future of the Asia-Pacific region.
During the summit, President Ferdinand Marcos, Jr. himself zeroed in on the importance of technology and digital infrastructure to deliver a transformative impact on education, villages, and financial transactions.
Marcos reiterated that underscored the importance of productivity as a key driver of economic recovery and growth, emphasizing the role of physical infrastructure, including an efficient and affordable transport system, in enhancing the productivity of Filipinos.