The Philippines has more than enough talent and expertise to meet the demand of various technology start-ups, whose expected influx will turn the country into the next “Silicon Valley” of the world.
“These technology start-ups will have no problem because we have a large pool of talented and skilled Filipinos in the field of information technology (IT), design, and programming and engineering, which they can tap anytime,” said Sen. Paolo Benigno ?Bam? Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
“Being at par with the world’s best, our IT workers can be a valuable asset for start ups as they try to create a niche in the international and local markets,” added Sen. Bam.
Aside from talented IT workers, the Philippines also boasts of top Filipino video game designers and animators for online video gaming industry start-ups.
Aquino made the pronouncement after international business magazine Harvard Business Review reported that the Philippines is fast becoming a destination for technology start-ups.
The magazine said that technology start-ups have the potential to duplicate the impact of the business processing industry (BPO) in terms of employment generation when it entered the Philippines several years ago.
“Technology start-ups can contribute in solving the country’s unemployment problem as it can provide high-value jobs for thousands of Filipino IT experts, artists and developers,” he added.
Moreover, the passage of the Philippine Competition Act will make it easier for technology start-ups to penetrate the market and compete with giant IT companies, the senator added.
Location will not also be a problem for technology start-ups as the Philippine Economic Zone Authority (PEZA) has 200 IT parks in different parts of the country that will suit their needs.
Aquino has filed Senate Bill No. 2217 or the Start-Up Business Bill, which grants a two-year tax exemption to any business enterprise that is just starting up.
According to the senator, the bill gives new enterprises the enough time to establish their presence in the market.
“It will also the opportunity for Filipinos to showcase our world class talent and innovative ideas,” Aquino emphasized.