SYNTHESIS #1

Startups are any companies created to fill a specific market demand,

and have had a significant effect on local economies. To prevent economic
stagnation, strategies to encourage competition and support transformational
entrepreneurs must be developed. Government financing is essential, but
local needs must come first. Across the world, startups are getting more and
more well-liked, and the startup ecosystem in the Philippines is expanding.
However, due to widespread problems such as inflation, the COVID-19
Pandemic, high taxation, political unrest, a lack of built infrastructures or
commercial districts, and poorly functioning telecommunication systems, local
company owners have found it difficult to maintain stability.

Due to external difficulties in 2022, the Philippine economy saw choppy

waters, but it is anticipated that the year would end with phenomenal growth
rates. The economy was still grappling with pandemic challenges in 2021, and
the poorest populations have been left behind by economic growth and rising
prices. This is because the invasion of Ukraine by Russia has triggered a
global drop in commodities and energy prices. Each local economy must
include the start-up company sector since it generates jobs, encourages
creativity, and introduces fresh concepts to the market. The rivalry from
bigger, more well-known companies, hefty leasing costs, and many
government regulations are a hardship for small firms. Due to the legal
responsibilities, this has resulted in firms that fail quickly.

Effective start-up companies boost local economies, but this has had
both positive and bad effects on small firms in the Philippines. Startups are
frequently tiny enterprises that require employees to generate their goods or
services. As a result, more job seekers will find employment through startups,
and more people will have possibilities to participate in the local economy.
Local community startups may also promote creativity and innovation, inject
more money into the local economy, and diversify the local economy by
introducing novel concepts and technology into the commercial sphere.The
Philippines remains behind its surrounding Southeast Asian countries despite
being in a strategic location and having interested international investors
because of a lack of development in the country's technology and
entrepreneurial sectors. Claims that the Philippines and other developing
countries need strong communication abilities and adaptability to achieve
sustainable and fair economic growth have gained prominence.
SYNTHESIS #2

Startups have had a significant effect on local economies, but have had
both positive and negative effects on small firms in the Philippines. To prevent
economic stagnation, strategies to encourage competition and support
transformational entrepreneurs must be developed. Government financing is
essential, but local needs must come first. Startups are often tiny enterprises
that require employees to generate their goods or services, but they can also
promote creativity and innovation, inject more money into the local economy,
and diversify the local economy by introducing novel concepts and
technology. Despite this, the Philippines remains behind its surrounding
Southeast Asian countries due to a lack of development in the country's
technology and entrepreneurial sectors. The Philippine economy experienced
rough seas in 2022, but it is predicted that the year would conclude with
fantastic growth rates because of foreign challenges.