PH has strong potential as startup destination, says trade chief
MANILA, PHILIPPINES — The Department of Trade and Industry (DTI) maintains that the Philippines can become a startup destination, noting that the sector’s ecosystem has been expanding with a 20 percent growth in terms of deal count.
“Being in the nascent stages of its startup ecosystem development, the Philippines is one of the actively emerging ecosystems across the region. We wish to highlight the country’s strong potential as a startup destination. It is home to a very young, tech-savvy population, putting the startup scene at the center of an innovation-based program,” said DTI Secretary Alfredo Pascual.
In March this year, a study by the Business Name Generator revealed that the Philippines is the most challenging country to begin a startup business in.
The study said that the high procedure costs of the gross national income (GNI) per capita and a high business tax rate pushed the Philippines to the bottom of the list.
According to the DTI, the country has implemented a 20 percent corporate income tax (CIT) rate for startups as required by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.
“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations,” Business Name Generator spokesperson Chloe Chai had said.
