According to a survey released by Value Penguin yesterday, the Philippines ranked at the bottom two of friendliest countries for startups.
The study was based on 18 economic indicators and placed the Philippines 12th in labor force quality, 11th in business climate, 10th in cost of doing business, and 12th in economic health.
According to a report in the Manila Bulletin, Senator Bam Aquino, reacting to the report yesterday, urged the senate to pass measures to strengthen support for Filipino entrepreneurs through financial subsidies, grants, tax breaks, and cutting back on red tape.
“They generate jobs and livelihood, some even provide solutions to our country’s problems,” Aquino said in a statement.
“We need to support our small enterprises and startups, especially now that prices of goods and services are ever increasing,” he said.
While the Philippines may not be friendly to startup entrepreneurs, another survey last month said the Philippines was the best place in the world to invest in.
READ: Philippines best country to invest in: report
According to the survey, the following countries are the least friendly to startups:
1) Vietnam
2) Philippines
3) Thailand
4) Indonesia
These countries ranked the friendliest in the region:
1) Singapore
2) Hong Kong
3) Japan
4) Taiwan
5) Malaysia
6) South Korea
7) China
8) India
Are you a startup founder in the region? Let us know if you agree with this survey or not by commenting below or tweeting us @coconutsmanila.
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