Domingo: Youth key in developing PH startup industry

Trade Secretary Gregory Domingo. INQUIRER.net PHOTO/ARIES JOSEPH HEGINA

There is still hope that a Filipino might launch the next Facebook. 

Trade Secretary Gregory Domingo said on Monday that the youth is the crucial ingredient in nurturing the startup sector in the country. 

“Since you are a young population, you are English speaking, you are internet literate…so basically, you are the millennials so there is so much opportunity that is in front of you that we can take advantage of over the next three to five years,” Domingo said in his keynote speech during the first day of SlingshotMNL 2015. 

The trade secretary said that the Filipino youth serves as a big talent pool where the possible tech giant like Facebook or Google will emerge. 

“We have an ample supply of talent to be able to provide at least some serious development in this space,” he added. 

However, the trade secretary admitted that the government is trailing from other countries in developing the startup industry. 

“On the government’s part, I have to admit that the government is lagging behind in its understanding and support for this industry. But we want to change that because there is so much opportunity,” Domingo said. 

Thus the trade department launched Slingshot MNL, the official startup event of APEC Philippines 2015, which seeks to link Filipino micro, small and medium tech enterprises to government agencies and possible investors to grow their businesses. 

The two-day tech conference gathered more than 100 startups in a single venue.