Being a longtime advocate of digital acceleration and financial inclusion in the country, the FinTech Alliance.PH welcomes the recent approval of Elon Musk’s SpaceX-Starlink as one of the newest satellite internet service providers in the country.
Starlink’s entry to the Philippines was facilitated by the speedy approval given by the Department of Information and Communications Technology (DICT) through the National Telecommunications Commission (NTC) who granted Starlink the Satellite Systems Providers or Operators certificate of accreditation.
With the government’s approval and President Rodrigo Duterte’s push for better and wider internet access in the country by stamping the Public Services Act as a priority bill and with the signing of Executive Order 127 Series of 2021: “Expanding the Provision of Internet Services through Inclusive Access to Satellite Services,” Starlink is now poised to provide breakthrough internet services in the country through Low Earth Orbit (LEO) satellite network constellation comprised of more than 1,600 satellites.
This makes the Philippines the first Southeast Asian nation to benefit from Musk’s technological and satellite broadband infrastructure which promises to provide up to 200 Mbps internet speed especially to geographically isolated and disadvantaged areas (GIDAs) in the country.
“Starlink’s entry to the Philippines is an important milestone for inclusive digital finance acceleration in the country. With the prospect of upgrading our internet connection speeds and improving our satellite broadband services, the Alliance recognizes Starlink’s contribution in enabling a digital environment that will allow greater financial inclusion for the unbanked and the underserved especially in the geographically isolated and disadvantaged areas. This will make digital finance services running on the cloud even more accessible to more Filipinos,” said Lito Villanueva, Founding Chairman of FinTech Alliance.PH, and Executive Vice President and Chief Innovation and Inclusion Officer of Rizal Commercial Banking Corporation (RCBC).
FinTech Alliance.PH is the premier thought leader and largest organization of financial technology companies from startups to unicorns contributing over 90 percent of digital-initiated transactions volume in the Philippines today.