Is the Philippines the Most Underrated Market in Southeast Asia? Storehub’s Bold Bet on Its Future
At Echelon Philippines 2024, Wai Hong Fong, Chieftain and Co-Founder of StoreHub, joined Judge Calimbahin III of Endeavor Philippines for a fireside chat titled ‘Is the Philippines the Most Underrated Market in Southeast Asia? StoreHub’s Bold Bet on Its Future’. The discussion explored StoreHub’s decision to prioritise the Philippines as a key market in its Southeast Asian strategy.
Fong shared that, compared to Indonesia, the Philippines offers significant untapped potential for growth. With over 17,000 stores served across Southeast Asia, StoreHub identified the Philippines as having the lowest cost per lead and the highest willingness to pay, positioning it as a highly promising market. Despite early challenges such as bureaucratic hurdles and the necessity for a local presence, the Philippines has now become StoreHub’s fastest-growing market.
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He emphasised the importance of understanding the culture and spending time in the country to build a strong foundation for business success. Fong also highlighted the evolving infrastructure in the Philippines, which supports greater opportunities for growth.
The fireside chat underscored the need for entrepreneurs to adopt a countercultural mindset and a strong hunger for success to thrive in this market. StoreHub’s bold bet on the Philippines illustrates the untapped potential in what Fong described as one of Southeast Asia’s most underrated markets, with strong prospects for growth and innovation.
Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.
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Missed Echelon Philippines this year? You can now catch the recorded sessions on demand, showcasing insights from leading startup experts, visionary entrepreneurs, and forward-thinking investors from the Philippines and Southeast Asia, all geared toward driving the next phase of growth. And stay tuned—more videos are coming soon!
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