Billionaire Elon Musk's high-speed satellite internet venture Starlink is set to enter the Philippines after its local unit secured regulatory approval from the country, which is grappling with slow internet speeds. 

The Philippines is officially the first country in Southeast Asia to welcome the presence of Elon Musk’s SpaceX Starlink after the Department of Information and Communications Technology (DICT) accredited it as an officially licensed satellite internet provider. 

The Philippines will be the first country in Southeast Asia to offer Starlink's services, which are provided through advanced, low-orbit satellites, the country's National Telecommunications Commission said in a statement. 

Starlink’s satellite service claims to offer a “high-speed, low latency” internet connection, promising speeds of up to 200 Mbps in geographically isolated and disadvantaged areas where regular internet connections may be limited or otherwise unavailable. 

The richest man in the world confirmed the news himself on his favorite social media platform with a tweet saying, “Starlink approved by (the) Philippines.”

The Philippines ranks 95th in mobile internet speed and 59th in fixed broadband internet speed, according to the Speedtest Global Index, lagging behind most countries in Southeast Asia. In April, median download speeds in the Philippines stood at 19.45 Mbps and 55.21 Mbps for mobile and fixed broadband, respectively, according to the index.

Starlink is expected to cover unserved or underserved villages in urban and suburban areas and rural areas, the commission said. 

Starlink's service is scheduled to be up and running in the Philippines by the fourth quarter.