MANILA -- It was during the pandemic, when much economic activity had shut down, that Ibba Bernardo realized his Manila-based startup Packworks should refocus in order to grow.

The owner of a "sari-sari" micro convenience store in Quezon City, the Philippines, uses software from local startup Packworks to manage his payments and inventory. (Photo by Ramon Royandoyan)
Red tape and lack of big-ticket exits put brake on ecosystem momentum