Manila startup ecosystem now stands at $6.4B

By Kris Crismundo

June 11, 2024, 3:45 pm

<p><em>(File photo)</em></p>

(File photo)

MANILA – The country’s startup ecosystem has remained robust, according to the 2024 Global Startup Ecosystem Report (GSER).

The 2024 GSER reported that Manila’s startup ecosystem, now valued at USD6.4 billion from July 1, 2021 to Dec. 31, 2023, was driven by the economic impact of exits and startup valuations.

Its latest value surged from USD3.5 billion in the 2023 GSER.

In a statement Tuesday, the Department of Trade and Industry (DTI) said the compound annual growth rate of Manila’s startup ecosystem continued its pace at 72 percent from July 2019 to December 2023.

“The remarkable 72-percent surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development, and entrepreneurial spirit,” DTI Secretary Alfredo Pascual said.

Pascual added the DTI is steadfast in providing support and infrastructure needed by startups.

“Our clear goal is to empower them to become significant players in the global market. This achievement attests to Manila's economic potential and positions the Philippines as an emerging hub of technological advancement and entrepreneurial success,” he added.

DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba said the Philippines continues to invest in the startup ecosystem to make it competitive globally.

“With a serious commitment to positioning the Philippines as a premier innovation hub, driving significant global impact, we are dedicated to amplifying support for startups. This entails enhancing funding accessibility, nurturing talent, and cultivating international collaborations. This recognition signifies a promising new chapter for our startup community, affirming our ongoing dedication to innovation and growth,” she said.

She added the government has put policies in place such as the Innovative Startup Act, the Philippine Innovation Act, the Philippine Creative Industries Development Act, and the Tatak Pinoy Act aiming to propel the local startup ecosystem. (PNA)