The Philippines has been hit hard by Covid-19. Last year, the country saw its worst economic performance since 1947, with its gross domestic product shrinking by 9.5%. But despite this gloomy outlook, it doesn’t mean that all hope is lost for Philippine startups.

“I think there’s one silver lining in all of this: the acceleration in adoption of digital and technology services,” says Enrique Gonzalez, CEO of investment holding firm IP Ventures.

That acceleration has become a catalyst for startup innovation. In the second quarter of this year, the Philippines’ startup space recorded 14 fundraising deals worth a total of US$227 million – a number that’s set to grow over the next few months.

In the final episode of Startup Frontiers: The Philippines, Filipino players discuss the pandemic’s impact, the birth of a local startup hub in Sinigang Valley, and their hopes for the future of the country’s startup scene.

Watch the rest of the Startup Frontiers: The Philippines series:

• Episode 1: An introduction to the Philippines’ tech and startup ecosystem
• Episode 2: The curse of the Filipino startup founder

This entry is part of the Startup Frontiers series, which explores the tech and startup ecosystem of a market, portrays a historical account of the business landscape, dives into the current state of tech and innovation, looks at the key players in the ecosystem, and discusses its prospects for future growth.