DICT Reports PH Startup Industry Valued at USD 3.5 Billion with 1,100 Companies

The value of the startup ecosystem in the Philippines is now pegged at USD3.5 billion and the government is promising industry players that they will continue to nurture the growth of the industry.

According to the Department of Information and Communications Sec. Ivan John Uy, the value of the industry leaped from only USD 1.03 billion in 2018.

“This is a statement of facts. Our vibrant startup ecosystem has been promisingly growing,” said Uy during the tech conference Geeks On A Beach in Panglao Island in Bohol.

Secretary Uy said there are already 1,100 startup companies in the Philippines.

There are also 60 incubators and accelerators, 50 venture capitalists, and more than 200 co-working spaces nationwide enabling more collaborations from tech experts, software programmers, and other stakeholders.

Uy cited the Global Startup Ecosystem Report 2023 showing the Philippines as ranking 25th globally and 10th in Asia in terms of affordability and 20th in Asia in terms of funding.

“Our local startups have also grown in scale to cater to various sectors such as e-commerce, fintech, service platforms, healthtech, and logistics, representing the diverse talents and innovative spirit,” added the DICT official.

In support of the continued growth of the startup industry, Uy said that the government is implementing the Digital Startup Development and Acceleration
Program (DSDAP), which he described as “a strategic initiative designed to empower both emerging and established startups.”

The program, he said, “encompasses mapping initiatives, awareness activities, acceleration projects, funding, and inter-agency collaborations all geared toward providing our startups with a competitive advantage on the global stage.”

The program will also collaborate with the private sector.

DICT is also currently asking Congress for at least P50 million in the annual budget to finance new startups at the grassroots level.

The budget proposal is currently pending. (ZAG)