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SoftBank “Hearts” the Philippines

The Philippines’ economy, and the country’s tech entrepreneurs, got a vote of confidence recently when SoftBank Corp., a major Japanese telecommunications company, announced that it was investing US$20 million into tech start-ups in the country.

Teddy Himler, a venture capital associate for SoftBank, says that the company is “taking a long view in the development of the Filipino economy, particularly its tech ecosystem.”

Softbank

The company has been attracted to the macro growth of the economy and positive demographics, according to Himler, who stated that SoftBank was “impressed at the micro-level, namely the breadth of talent and burgeoning culture of entrepreneurship in the region.”

SoftBank has been active in Southeast Asia as of late, announcing just last month a similar capital venture with Indonesian telecommunications company Indosat. The newly formed partners will launch the SB ISAT Investment Fund with a capitalization of US$50 million.

SoftBank’s first investment into Southeast Asia was in Tokopedia, an Indonesian e-commerce marketplace, and the decision to do so took two years. Since then, momentum seems to have been maintained as the company continues to make bets via venture capital, having even invested in two gaming companies in the region (Thailand and Singapore).

H/T: The Philippine Star