As entrepreneurs, one way to go about growing your business is by investing in different industries. Although it may have certain risks, the rewards can be far greater if you know the best place to invest in. If you are looking to expand and invest in other countries, one sure market to tap into right now is the Philippines.
Despite the onset of Covid-19, the Philippines has continued to grow, especially the Digital Sector. Why digital? According to an article in Business World Online, “The lockdowns and restrictions brought by the COVID-19 pandemic stimulated a sudden surge in demand for online payment solutions as transactions have increasingly shifted online. In response to this demand, cloud-based fintech products have become a necessary tool not only for businesses but also individuals across the range of daily needs.” In addition, the World Bank’s economic update for June 2022 states that, “The Philippines is continuing to rely on e-commerce and the digital economy to manage its economic recovery in the aftermath of the Covid-19 pandemic. With brick-and-mortar businesses being hit by lockdown measures, the Philippines’ e-commerce sector has seen a surge in the midst of the pandemic. As a result, the Philippines acknowledges the significance of e-commerce and the digital economy as key engines of growth and economic recovery.”
Specifically, one segment that is rapidly gaining momentum in the digital field is the FinTech industry. So, what makes Fintech in the Philippines so attractive? For one, “according to data from the Philippine Department of Trade and Industry (DTI), e-commerce contributed 3.4%, or US$12 billion (PHP599 billion), to the country’s GDP in 2020.” It has also been reported that the Philippines is second only to Indonesia when it comes to the implementation of digitalization and e-commerce. Plus, coming from the same article, “fintech development is rapidly developing and increasingly diverse, but remains nascent. Encouragingly, fintech players in services beyond payments have notably grown since 2018.” This shows us just how fast the FinTech sector in the Philippines has grown and continues to grow, making it an important asset to investors.
With this, the Center for Research and Communication’s (CRC) Consultancy Service Offerings for Investors is the perfect avenue for you to enter the Philippine market. By partnering with CRC, you will be exposed to numerous prospects allowing you to help address the increasing demand for FinTech companies in the country. In addition, part of CRC’s Consultancy Service Offerings for Investors includes an all-inclusive package for investors. CRC can match you with the right local partners and prepare briefings on Philippine regulations and ways of business. CRC can also assist you with evaluating the demand for products and the technical requirements for setting up shop. Through CRC’s wide network particularly in the digital sector, it is your optimal research and consultancy link to Philippine business opportunities.
Make CRC your partner in your quest for a foothold in the Philippine market today. Let’s start the conversation at +639054280727 or email [email protected].
- Beltran, Bjorn Biel. “The Growing Momentum of Philippine Fintech.” Business World, 11 February 2022, https://www.bworldonline.com/special-features/2022/02/11/429391/the-growing-momentum-of-philippine-fintech/.
- The World Bank Group. “Philippines Economic Update JUNE 2022 EDITION: Strengthening the Digital Economy to Boost Domestic Recovery”. June 2022
The Center for Research Communication (CRC) is the research and consultancy link to Philippine business opportunities, uniquely poised to help you with business feasibility evaluation, demand and supply analysis, partnership development, project impact evaluation, value chain analysis, customized solutions for design thinking, data analytics and insights generation, and development of business strategies, and consultancy services for investors in Philippine market.