3 Reasons Why the Philippines Can Be the Next Silicon Valley
With the growing popularity of e-commerce and mobile apps, many entrepreneurs flock to the Philippines in search of cheap labor. And with this shift in focus toward startups, there are now more job opportunities for programmers, designers, and investors—all positions that Filipinos excel at. Every year, thousands of aspiring techies take advantage of government programs. These initiatives offer free training courses on web development, digital filmmaking, animation, and other IT related.
The Philippines is on its way to becoming the next Silicon Valley, and it all boils down to a handful of cities in the country that are turning into tech hubs. Government officials have been focusing their efforts on nurturing these hubs to encourage local startups further. As a result, more and more Filipino-techies are now leaving their comfortable jobs at international companies and instead opting for a startup life, where they can enjoy higher levels of flexibility and better perks such as stock options. Here are the three primary reasons why the Philippines has the potential of becoming the next Silicon Valley:
- One of the Fastest-growing Economies in Asia
The Philippines is one of the fastest-growing economies in Asia. The government has declared it a priority to attract foreign investment and improve infrastructure. This has attracted a lot of international attention from investors and entrepreneurs. Although the Philippines is better known for its beaches and business opportunities. This developing market holds great potential for entrepreneurs willing to take a chance. There are some serious challenges (like poor infrastructure), but many possibilities are just waiting to be taken advantage of.
- Lots of Startups and Entrepreneurs
There are a lot of startups and entrepreneurs in the Philippines. It is also one of the easiest countries to start a business. No wonder there’re more startups than ever before.
There has been an increase in the number of young Filipinos interested in and pursuing entrepreneurship as a career path compared to years before. The rise in internet penetration and social media use has also created an avenue for these aspiring startup owners to connect and share ideas.
What’s even better is that there are numerous startups in the Philippines that are doing well in terms of revenue.
- Various Opportunities in the Philippines Right Now
The Philippines is one of the few countries to have a balanced budget, and it has a positive trade balance. Tremendous opportunities are available for entrepreneurs who are looking to enter this market. The government has an immense program to develop their local economy, including small and medium-sized enterprises. This government program has helped spur economic growth, so many foreign entrepreneurs move their manufacturing plants to the Philippines.
The Philippines is a country rich in natural resources and an entrepreneurial spirit. With the right investment opportunities in place, it’s possible to see the Philippines becoming a tech giant within the next decade or two. If you’re looking for a chance to invest your money, why not consider purchasing real estate in one of these metropolitan regions.
