MAKATI SKYLINE. Business and residential buildings tower over the Makati skyline in this undated photo. Department of Trade and Industry Secretary Alfredo Pascual said Friday (June 16, 2023) that Manila is gaining traction as an innovation hub, with its startup ecosystem valued at USD3.5 billion as per the 2023 Global Startup Ecosystem Report. (PNA photo by Jess M. Escaros Jr.)
MANILA – Manila has grown its startup ecosystem to USD3.5 billion, according to the 2023 Global Startup Ecosystem Report (GSER).
The value of the startup ecosystem rose 85 percent from the USD2.1 billion reported in the 2022 GSER, the Department of Trade and Industry (DTI) said in a statement Friday.
“To witness Manila gaining traction as an innovation hub is incredibly rewarding. This underscores the Philippines’ transformation from an active player to a formidable leader in the ASEAN region - an achievement we share with the dynamic Philippine startup ecosystem,” DTI Secretary Alfredo Pascual said.
Launched in Amsterdam on June 15, the report has given Manila various commendations such as top 25 Global Ecosystem; top 10 Asian Ecosystem in Affordable Talent; top 20 Asian Ecosystem in Funding; and top 30 in Asia in terms of Ecosystem for Bang for Buck, Ecosystem in Talent and Experience, and Ecosystem in Performance.
The GSER also highlighted Manila’s financial technology, electronic commerce, and gaming sectors amid the number of pool of talents, activities in these sectors, and public and private collaboration and other stakeholders in enhancing the environment for Filipino startups.
“Our impressive leap in the GSER 2023 Report is a testament of our sustained commitment to fostering a dynamic startup ecosystem. We have put in place mechanisms for continued growth, from streamlined government processes to strategic investment support mechanisms,” Pascual said.
DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba also underscored the government’s support to improve the country’s human capital which plays a critical role in Manila’s tech innovation success.
“We continue to invest in and inspire our young Filipino talent. Our strategy fosters scientific and technological innovation, while the Skills Framework ensures they are equipped with competencies that are in demand. We firmly believe that our people are our primary competitive advantage in this era of industrial transformation,” Aldaba said. (PNA)
