After Indonesia, Vietnam, Thailand, and Singapore, ride-hailing firm Gojek has been trying to make the Philippines its next pitstop in Southeast Asia for a while now. With a near-$10 billion valuation and a population of 105 million to cater to, it all adds up.

To get a foot in the door, the Indonesian company bought Manila-based mobile wallet startup Coins in January 2019 in what The Ken understands was a $95 million deal.