During the Rise of Asia’s Crypto Valley that happened in Tokyo, Japan on August 28, 2018, CEZA Administrator and Secretary Raul Lambino discussed how the Philippines, particularly the Cagayan Economic Zone is at the forefront of the blockchain revolution in Asia. In his keynote speech, he shares that the country has recently bagged the number one spot in the “Best Countries to Invest In” data from US News website. While Foreign Direct Investment (FDI) in Southeast Asia as a whole is declining, the country is performing well according to the United Nations.
Secretary Lambino also noted various reasons as to why foreigners need to be a part of the change in the Philippines:
“We are finally doing something right in the Philippines. Today, we have strong anti-corruption drive and improved revenue collection. We have a politically stable environment and a popular leadership supported by almost 80% of Filipinos… We have a young, hardworking, educated, and dedicated workforce. We have an excelent inclusive growth momentum and expanding middle class.” – Secretary Raul Lambino, Administrator, CEZA
Mr. Miguel Cuneta, CCO and Co-Founder of SCI presented why the country is ready to be disrupted by blockchain technology. The median age of Filipinos is 24 and there is a fast-growing middle class. These millennials together with the middle class will help drive the Philippines’ growing economy. Data from recent reports suggest that cryptocurrency is mostly adopted by millennials.
With 67 million internet users and $33 billion worth of remittances from abroad, the country is very attractive to potential investors. The combination of a millennial population, a rising middle class, remittances, and internet & smartphone penetration are just what potential fintech and blockchain businesses can find attractive to set up shop in the Philippines.
Secretary Raul Lambino and Mr. Miguel Cuneta are just two out of the eight speakers during the Rise of Asia’s Crypto Valley event that was held in Tokyo, Japan. Also present were: Mr. Joshua Ho, Co-Founder of QCP Capital Singapore; Ms. Azam Shaghaghi, Advisor of Noah Foundation Canada; Mr. Katsuya Konno, CFO of Quine Japan; Mr. Franco Varona, Director of Rare Earth Asia Technologies Philippines; Mr. Tony Tong, Chairman and Co-Founder of Hong Kong Blockchain Association; and Mr. Ron Tucker, President of Australian Digital Commerce Association. The event was hosted by ANC’s new’s anchor for The Boss, Market Edge, and Business Nightly, Ms. Cathy Yang.