Along with demographics and people’s ability to adapt to innovations, infrastructure improvements are among the factors that will further boost electronic commerce (e-commerce) in the country.
While a lot of investors are focusing on Singapore for technology-related investments, the Philippines is starting to attract some of these businesses, Foxmont Capital Partners Managing Partner Franco Varona said.
He said Indonesia’s experience about a decade ago, when it dominated the Southeast Asian technology-related inflows, can also happen in the Philippines since the volume of funds that entered the former are now looking at other areas to be invested in.
“So what does that actually mean for the Philippines? That actually means that the Singaporeans are sitting in Singapore with a lot of capital to deploy, that are looking at other different places that they can do it outside of Indonesia. And this is where, I think, the Philippines becomes extremely interesting,” he added.
Varona said the Philippines’ over 109 million population is a major factor for investors to consider, especially since more Filipinos are now social media-savvy and are buying more things online.