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Hello reader,
I just discovered that Imelda Marcos’s sandals lived better than I did.
As I was reacquainting myself with the Philippines’ political history – with the opulence that she and her dictator husband, Ferdinand, indulged in until being expelled from the country in 1986 – I discovered that her hundreds of shoes took up 1,500 square feet of closet space. (This is larger than the apartment I called home until last December.)
The duo swindled an estimated US$5 billion to US$10 billion from the country. Now their son, Ferdinand Marcos Jr., aka Bongbong, is set to become the Philippines’ next president. He scored a landslide victory in the national elections held on May 9.
The newest patriarch of the Marcos dynasty is now tasked with improving investor perception while grappling with issues surrounding the country’s long-standing corruption and plodding internet connection.
In today’s hot story, my colleague Jenina chalks out what Marcos’ win means for the Philippine startup community.
Also, do fill out this CDP x Tech in Asia questionnaire survey and be part of our campaign to help the startup ecosystem go green.
Today we look at:
- What the new presidential leadership in the Philippines holds for its startup ecosystem
- A Chinese startup that creates AI-generated human bodies to model clothing from fashion retailers.
- Other newsy highlights such as WhatsApp’s new update for social commerce and Grab’s latest quarterly results.
Premium summary
Inside Marcos’ startup machine
Image credit: Timmy Loen
As the Philippines transitions into its next leadership, members of the local startup community are looking for a stable business environment that could generate investor confidence.
Historically, local startups have trouble raising funds. A 2020 PricewaterhouseCoopers report found that nearly half of the firms surveyed had secured no external funds at the time, and these financial constraints prevented them from being disruptive.
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