"BARMM, being close to Kalimantan, holds incredible long-term potential. If we focus on developing that region, we could unlock opportunities for innovation and provide lasting jobs in areas beyond Metro Manila." Carlo Chen-Delantar, Co-founder of Gobi-Core Philippine Fund
"The Philippines has an Innovative Startup Act, but without real implementation of key components like visas and taxes, it’s hard to attract talent or encourage entrepreneurs to take risks. Without this foundation, we risk falling further behind our regional peers." Carlo Chen-Delantar, Co-founder of Gobi-Core Philippine Fund
"This report is really saying we have to do this now. It’s a now-or-never opportunity. If we want to create an ecosystem where any entrepreneur has a fair chance at success, whether financially or socially, technology is the platform that can make it happen." Carlo Chen-Delantar, Co-founder of Gobi-Core Philippine Fund
Carlo Chen-Delantar, Co-founder of Gobi-Core Philippine Fund, and Jeremy Au discussed:
1. Philippines 2025 Challenges:
Carlo highlighted the 2024 Philippine Horizons Report, calling for the full implementation of the Innovative Startup Act of 2019 to address gaps in visas, taxes, and funding. Ambitious goals, such as creating four unicorns by 2030 (with GCash and Maya leading), face challenges from bureaucratic inefficiencies like the six-month minimum timeline for establishing businesses. The BPO sector, a significant economic driver, faces disruption from AI-driven automation. Incomplete infrastructure projects, promised under the Duterte administration, also hinder the country’s competitiveness.
2. Trump Geopolitical Tensions:
Under the Trump administration, U.S.-China decoupling in global trade policies will impact the Philippines’ reliance on Chinese imports, which dominate platforms like Lazada. Carlo noted that over 50% of cars sold in 2024 were Chinese EV brands, reflecting this dependence. The West Philippine/ South China Sea dispute can also increase tensions with China.
3. Corporate vs. Independent VCs:
Corporate venture capital (CVC) dominates the Philippines, similar to Thailand, while independent VCs remain limited. Conglomerates like Ayala and Aboitiz support talent development, but the ecosystem lacks robust support for independent startups. As the Philippines approaches middle-high-income status by 2026, it must emulate successful pro-local policies in Indonesia, such as fostering unicorns like GoTo, to stimulate long-term growth. Carlo highlighted the risks of CVC dominance in curbing the broader multiplier effects independent startups offer.
Jeremy and Carlo also discussed how AI adoption could disrupt traditional workflows while benefiting startups, the need for improved visa policies to retain diaspora talent, and opportunities to enhance the Philippines’ service industries for global competitiveness.