Cryptocurrency has the potential to empower millions of unbanked people in the Philippines. It bypasses the setup fees and identification requirements of traditional banks. Anyone with an Internet connection can gain access. It also addresses many of the operational inefficiencies that beset the banking industry.
Doing Business in the Philippines
Serviced office and coworking space solutions in the Philippines have become a viable alternative to conventional office space leasing. These office spaces are currently occupied by a large number of foreign and local companies, some of which include startup businesses, branch offices, expanding companies, and foreign companies in need of local representation.
There are currently 43 universal and commercial banks, 57 thrift banks, 492 rural banks, 40 credit unions, and 6,267 non-banks with quasi-banking functions in the Philippines. Universal banks actively operating in the Philippines and with the biggest financial assets have in-country headquarters in either Makati, Bonifacio Global City (BGC), Quezon City or some other part of Metro Manila, Philippines.
Coworking has transitioned from an eccentric office space alternative for hipsters and freelancers to an attractive business solution for companies of all sizes. The appeal is flexibility. Companies, whether start-ups or more established businesses, can scale easily and less expensively through shared office facilities in prime business locations with flexible lease arrangements that include event spaces, networking opportunities, and programs designed to encourage mentorship, collaboration, community, employee wellness, and entrepreneurship.
Following in the footsteps of global tech hubs Singapore and Hong Kong, the Philippines is slowly fostering a tech startup ecosystem to facilitate the market-entry and participation of new entrants to its economic marketplace. The obvious advantages of a huge consumer base, high mobile penetration, and enormous potential for digitization in untapped resources – along with a large, English-speaking population and cost-effective technical, marketing, and back-office support – make the country an ideal test market for startup companies looking to develop their business models in an economy with a digital infrastructure that is still in its infancy.
The Filipino workforce is among the most compelling advantages that the Philippines has over any other Asian country. With higher education priority, the literacy rate in the country is 96.6% – among the highest.
Registration of foreign/non-resident investments with the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) is not mandatory. However, it is required when foreign exchange (FX) used to fund repatriation of the capital or remittance of dividends/profits is purchased from the Philippine banking system.