The Philippines is a steadily growing economy, with GDP driven by consumption and investment in addition to a strong remittance economy ($23.4 billion in 2014) that acts as a buffer against shocks and offers a stable support for growth. 90% of all enterprises (roughly 900,000) are MSMES. The entrepreneurship climate of the Philippines is very promising, however most entrepreneurs are often driven by necessity given the high unemployment rates and few job opportunities in the country.
Despite this, the country is benefiting from technological boosts and unique characteristics to drive innovation. The Philippines has 41.7 million active internet users, and 35.7 million access the internet on their mobile phones. Additionally, the large English-speaking population helps reduce the localization challenges that global tech companies face, attracting more people and helping Filipino entrepreneurs with communicating with the global business community. These factors explain why initiatives such as Facebook’s Internet.org (a global partnership dedicated to improving Internet access worldwide) are being piloted in the country.