On the first day of Echelon X, notable investors and entrepreneurs from the Philippines spoke about why the country is the next big thing in the regional tech startup ecosystem, starting from the progress that it has made recently.

The startup ecosystem in the Philippines has shown signs of reaching maturity, especially when compared to seven to 10 years ago, with more corporations trusting startups to be their vendors or suppliers.

“We have set the groundwork for a lot of companies to thrive,” said Caela Tanjangco, Director of Endeavor Catalyst, Endeavor, at a panel discussion on Growth Stage.

To complement that, Vince Yamat, Managing Director at 917Ventures, highlighted the role that social media plays driving the success of tech platforms in the Philippines. More than a decade ago, social networking site Multiply even had to pivot to social commerce after more and more Filipinos used the platform to sell and buy things, instead of social networking activities.

Echelon X was held on May 15-16 at Singapore Expo Hall 2. The event aims to empower startups, investors, corporates, SMEs, government institutions, and other ecosystem stakeholders with tools and insights. This year, it features 150 speakers and four stages.

Also Read: How Tyme Group plans to further strengthen its position in the Philippines—and Southeast Asia

The panel discussion on the Philippines and its prospects featured speakers such as Wirin Eiamphoklarp (Vice President at Gentree Fund); Yamat, Tanjangco, and Iannis Hanen (CEO of iScale Solutions).

It was held following e27‘s announcement of an upcoming Echelon Philippines event in Manila in September

Popular sectors in the Philippines

When asked about popular and promising sectors in the Philippines and the Southeast Asian (SEA) region, Tanjangco said that SEA is the only region in the world where the B2C sector performs better, compared to anywhere else in the world where the unicorns tend to be B2B companies.

“We are in the beta phase where it is very easy for startups to create consumer brands and companies,” said Tanjangco.

Interestingly, the population’s social media savvy-ness plays a crucial role in helping these B2C companies reach out to their audiences and grow their business.

“Because Filipinos can now afford to be monetisable, we are seeing a lot more companies being built, because it is a lot easier now for people to build these types of companies. It’s very easy for them to find a payment gateway for their products and utilise social media to market their products. So. I would say, the Philippines specifically are very positive on consumer-facing companies,” she said.

Yamat mentioned popular sectors such as healthcare that he viewed as ready for disruption. But based on his personal observation, Filipinos would support a startup or company that they trust. “For example, when we entered the fintech space, we knew that we should leverage on Globe, the largest mboile operator in the country,” he said.

“Therefore, we built G-Cash on top of that one, and right now, you can literally accelerate to more than 90 million users and expanding into its adjacencies.”

The post More fun in the Philippines: How its social media savvy population delivers growth for the tech startup ecosystem appeared first on e27.