PHL could just be the next Silicon Valley, lawmaker says (Business Mirror (Philippines))

The Philippines could turn into the next Silicon Valley of the world, because it has more than enough talent and expertise to meet the demand of various technology start-ups that have turned their eyes into the country following its highly successful business-process outsourcing (BPO) industry.

These technology start-ups will have no problem, because we have a large pool of talented and skilled Filipinos in the field of information technology [IT], design, and programming and engineering, which they can tap [into] anytime, said Sen. Bam Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.

Being at par with the world’s best, our IT workers can be a valuable asset for start-ups, as they try to create a niche in the international and local markets, Aquino added.

Aside from talented IT workers, the Philippines also boasts of top Filipino video-game designers and animators for online video-gaming industry start-ups.

Aquino made the pronouncement after international business magazine Harvard Business Review reported that the Philippines is fast becoming a destination for technology start-ups.

The magazine said that technology start-ups have the potential to duplicate the impact of the local BPO industry in terms of employment generation when it entered the Philippines several years ago.

Technology start-ups can contribute in solving the country’s unemployment problem, as it can provide high-value jobs for thousands of Filipino IT experts, artists and developers, Aquino added.

Moreover, the passage of the Philippine Competition Act will make it easier for technology start-ups to penetrate the market and compete with giant IT companies, the senator said.

Location will not also be a problem for technology start-ups, as the Philippine Economic Zone Authority has 200 IT parks in different parts of the country that will suit their needs.

Aquino is a staunch supporter of start-ups, as he filed Senate Bill (SB) 2217, or the Start-Up Business Bill, which grants a two-year tax exemption to any business enterprise that is just starting up.

According to the senator, the bill gives new enterprises enough time to establish their presence in the market.

It will also give the opportunity for Filipinos to showcase our world- class talent and innovative ideas, Aquino emphasized.