Manila Part of Top 30 Asian Cities for Startups

The Philippines continues to move in an upward trend in terms of being a startup-friendly country as the nation’s capital joins Asia’s top 30 cities for startups.

According to this year’s Global Startup Ecosystem Report (GSER), Manila ranks 30th in regional ecosystem performance, while being ranked 10th with the most affordable talent in Asia, and 20th globally.

GSER 2021 attributed the development of Manila as a startup city to a rapidly developing improvements, along with government support in the form of policymaking, and in growing services such as artificial intelligence (AI), and fintech.

“The Philippine startup ecosystem is rapidly developing with stronger government support particularly in high-growth services, such as AI, Big Data, and fintech, among others,” according to the GSER 2021 Manila report.

Moreover, laws such as the Philippine Innovation Act along with and the Innovative Startup Act have helped shape the startup ecosystem in the country, according to GSER.

However, even with Manila developing creating a name for itself in the startup scene, the country still lags behind as the global numbers in the global ecosystem is valued at USD13.68 billion, and USD548 million in average early-stage funding.

This is a stark contrast to the Philippines’ startup ecosystem, which was valued at USD584 million, while early stage funding of the country amounted to USD101 million.

Meanwhile, the Department of Trade and Industry (DTI) in a statement Thursday said that the COVID-19 pandemic served as a catalyst for the growth of e-commerce in the country and expressed commitment in further strengthening of the startup scene in the country. (GFB)