Rappler Talk: Saving PH startups from the pandemic
Bookmark this page to watch the interview on Friday morning, June 26
MANILA, Philippines – Small businesses and startups in the Philippines are struggling to stay open amid the coronavirus pandemic.
According to a survey by PwC Philippines, together with the Department of Trade and Industry, QBO, and IdeaSpace, almost half or 48% of startups feel threatened by COVID-19, with most reducing their level of operations to stay in business.
The survey also showed 64% of startups in the Philippines will need at least P5 million to stabilize their operations in the next 12 months, while only less than 20% have enough cash and capacity to remain in operations.
Interestingly, startups from the logistics, education technology, enterprise services, financial technology, and healthcare sectors have been positively impacted by the outbreak.
QBO Innovation Hub, in partnership with Youth Business International and supported by Google.org, recently launched a countrywide startup competition to help startup founders stay afloat during these uncertain times.
Rappler business reporter Ralf Rivas talks to Katrina Chan, director of QBO Innovation Hub, about how startups can adjust to the new normal, as well as QBO's efforts to help out businesses. – Rappler.com