During the Echelon Philippines 2024 (E27) panel, Afanassi Petrov, business development manager of inDrive in Southeast Asia (SEA) highlighted the importance of transparency for global startups looking to expand in the Philippines.
The discussion focused on the growing opportunities and challenges for businesses entering the country’s tech sector.
Manila is becoming an attractive destination for global tech startups, ranking in the 81-90 percentile of Startup Genome’s 2024 Global Startup Ecosystem Ranking. With over 1,100 startups, the Philippines offers a promising market for innovation. However, Petrov noted that building trust through transparency is key to succeeding in this environment.
Relaunch
inDrive, a global ride-hailing app, has integrated this principle into its business model. The app allows passengers and drivers to negotiate fares directly, avoiding surge pricing and ensuring a fairer experience for both parties. Petrov emphasized that this model fosters trust and long-term relationships, especially when entering new markets like the Philippines.
Since its local relaunch in June, inDrive has been focused on meeting the needs of Filipino drivers and passengers. The company conducted market research to better understand the country’s transportation sector and partnered with local groups, including Laban TNVS, to address driver concerns. By offering initial services free to drivers and maintaining a low service fee of 10%, inDrive has seen a rise in both active users and drivers.
Petrov also urged startups to comply with local regulations and stay informed on industry trends, including the use of artificial intelligence and electric vehicles. He stressed that navigating these challenges with transparency and compliance will help startups build lasting relationships with stakeholders and thrive in the Philippines’ dynamic tech ecosystem.