The Philippines reportedly rising the ranks as a thriving startup hub

Enterprises should reportedly leverage Philippines’ rising status as an emerging startup hub to attract potential funding sources for their business ventures.

Technology media company e27’s co-founder Thaddues Koh reportedly emphasised Philippines’ profitability for startup companies at a recent forum. He was joined by other professionals in the ecosystem such as Department of Trade and Industry (DTI) division chief of innovation and collaboration division Karl Pacolor, according to Daily Tribune.

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Koh reportedly said that Philippines’ strategic location in Southeast Asia, skilled and affordable workforce and access to the SEA market makes it a thriving hub for tech companies.

The Daily Tribune also reported that Pacolor was raising the government’s commitment to supporting the industry. He reportedly credited the startup growth to a whole-of-government approach, where he commended the government’s understanding of startups’ contribution to the economy.

The Innovative Startup Act was established in 2019 to help startups and startup enablers, according to DTI. It works by providing incentives such as travel grants, access to a startup venture fund, and assistance in getting visas and assistance in getting visas and business permits.

A Startup Philippines website was also launched following the new law, where beneficiaries could inquire about the progress of all incentives awarded under the law. The website also included a database of startups, enablers as well as other relevant resources.

Since then, the Philippines has gradually risen the ranks as a startup ecosystem. The Global Startup Ecosystem Report (GSER) 2024 by Startup Genome and the Global Entrepreneurship Network recently reported Manila acquiring the 21-25th rank in Asia, sharing the ranking with ecosystems such as Bangkok, Wuhan, Kansai and Ho Chi Minh City.

According to GSER 2024, Manila's startup ecosystem was valued to hit US$6.4 billion as of end-of-2023, nearly double the US$3.5-billion valuation from the year before.

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