Manila’s Startup Ecosystem Valued at USD3.5-B, May Become ‘Leading Entrepreneurship Hub’ in SEA

Manila’s startup ecosystem has reached a remarkable value of USD3.5 billion, according to the recently released 2023 Global Startup Ecosystem Report (GSER).

This comes as the Department of Trade and Industry (DTI) announced that the value of Manila’s startup ecosystem has grown by 85 percent compared to the previous year’s report, which recorded USD2.1 billion.

DTI Secretary Alfredo Pascual expressed his delight at witnessing Manila’s emergence as an innovation hub, emphasizing that this achievement positions the Philippines as a prominent leader in the ASEAN region.

The dynamic startup ecosystem in the country has played a vital role in this transformation.

The Global Startup Ecosystem Report, launched in Amsterdam on June 15, recognized Manila with several accolades, including being ranked among the top 25 global ecosystems and the top 10 in Asia for Affordable Talent.

Moreover, Manila was also ranked among the top 20 Asian ecosystems for Funding and among the top 30 in Asia for Bang for Buck, Talent and Experience, and Performance.

The report also highlighted Manila’s prowess in the financial technology, electronic commerce, and gaming sectors.

Secretary Pascual emphasized that Manila’s impressive ranking in the GSER 2023 Report reflects the country’s unwavering commitment to nurturing a dynamic startup ecosystem. The government has implemented various measures to facilitate continued growth, including streamlining government processes and providing strategic investment support mechanisms.

Undersecretary Rafaelita Aldaba of the DTI’s Competitiveness and Innovation Group emphasized the government’s focus on enhancing the country’s human capital, which has played a crucial role in Manila’s success as a tech innovation center. (GFB)