A little less than 2 years ago, a dollar is Php56. As of writing, it’s Php42.30 — a huge 25% drop.
We are into web development, outsourcing business. It’s our bread and butter. And, just like most of the Philippine’s web development teams, most of our businesses come from abroad, largely from the US. The 25% drop definitely hurts. We couldn’t charge more for existing clients but we pay increasingly more each year for salaries and wages. The sad news is, according to experts, the drop will continue until early next year.
In the midst of this predicament, another prospect is seen — the local market. Internet usage here in the Philippines is on the rise. Internet cafes are all over the place. Broadband is aggressively marketed. I’m not sure about the household penetration figures. But what I’m sure of, literacy and internet penetration is definitely higher than, san 5 years ago when we started the company.
Tough question for local web developers: Is the Philippine market huge enough to become your bread-and-butter market?