Enterprises should capitalize on the Philippines’ growing traction as an emerging startup hub to attract potential funding sources for their business ventures.
Thaddeus Koh, the co-founder of startup ecosystem platform e27, spoke at a recent forum and emphasized the Philippines’ position as a profitable hub for startup companies.
“The Philippines is a thriving hub for tech companies. Its strategic location in Southeast Asia, coupled with a highly skilled and affordable workforce, grants access to a massive regional market and acts as a gateway to neighboring economies,” Koh said.
He noted that the government that actively promotes foreign investments through sound policies also helps create a “vast potential consumer base for business.”
Manila’s startup ecosystem
The recent 2024 Global Startup Ecosystem Report valued Manila’s startup ecosystem at $6.4 billion, nearly double the $3.5-billion valuation from the previous year.
For his part, Karl Pacolor, the division chief of the Innovation and Collaboration Division at the Department of Trade and Industry, affirmed the government’s commitment to supporting the industry as mandated by the Innovative Startup Act.
“With the recent growth that we’ve seen in the startup scene in Manila, the government is cognizant of the importance of its role in sustaining this growth. We are employing a whole-of-government approach to ensure we continue to tread on an upward trajectory,” Pacolor said.
Part of that goal is to ensure that the momentum of the Philippine startup ecosystem is not just sustained but also expanded to other parts of the country,” he added.
The Philippines has shown significant progress in innovation, as evidenced by the steady rise in the Global Innovation Index.
Break to the top
In 2023, the country ranked 56th, a notable jump from the 100th position in 2014. The Philippine Development Plan mapped out the goal for the country to break into the top 50 by 2028.
As the country asserts itself as the fastest emerging startup hub in Southeast Asia, e27 and startup incubator Brainsparks have collaborated to introduce the first-ever Philippine edition of Echelon, a tech and startup business conference, on 26 to 27 September 2024.
