Philippines chases neighbors in Southeast Asian unicorn race

Tale of two ride-hailers -- Micab and Grab -- shows wide gap in funding and risk taking

The Philippines is struggling to spur entrepreneurship, with the president of one mobile carrier explaining, "There is a desire for many [workers] to take a secure and stable path." (Photo by Keiichiro Asahara)

CLIFF VENZON, Nikkei staff writer

April 15, 2019 12:56 JST

MANILA -- Philippine ride-hailing service Micab and its Singapore-based counterpart Grab both debuted in 2012. But while Grab has become Southeast Asia's biggest unicorn, with a valuation of around $14 billion and plans to raise $2 billion more this year, Micab aims to top a modest $2 million in its first major funding round.