Manila’s startup ecosystem continues to improve, the 2024 Global Startup Ecosystem Report (GSER) by the Startup Genome and the Global Entrepreneurship Network report said, as revealed by the Department of Trade and Industry (DTI) on Tuesday.
From 91 to 100 spots last year, the Philippines is now in the 81-90 bracket this year, the DTI Communications team confirmed.
The report, released during the start of London Tech Week from 10 to 14 June, stated that the Philippine capital took the 81-90 spot with Las Vegas (Nevada, USA), Columbus (Ohio, USA), Kansai Region (Japan), Bucharest (Romania), San Bernardino and Santa Barbara (California, USA), Turin (Italy), Madison (Wisconsin, USA) and Ho Chi Minh City (Vietnam).
Manila also bested other notable cities, including Rio De Janeiro (Brazil), Leipzig (Germany), Cape Town (South Africa), Valencia (Spain) and Adelaide (Australia).
Ecosystem value
In terms of value, the DTI disclosed, based on the #GSER2024 report, that Manila’s ecosystem value experienced a 72 percent compound annual growth rate between July 2019 and December 2021, and continued between July 2021 to December 2023.
Also, during the GSER launch, which started 10 to 14 June, it was reported that the city’s ecosystem was valued at $6.4 billion from 1 July 2021 to 31 December 2023.
The surge is attributed to the economic impact of exits and startup valuations.
With this, Trade Secretary Alfredo Pascual expressed his pride and excitement about the sustained growth of the Manila ecosystem as recognized in the 2024 Global Startup Ecosystem Report.
Remarkable surge
“The remarkable 72 percent surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development, and entrepreneurial spirit,” the trade chief said.
“As we continue to advance in the rapidly evolving world of technology and innovation, we remain steadfast in providing the support and infrastructure needed for our startups to thrive. Our clear goal is to empower them to become significant players in the global market. This achievement attests to Manila’s economic potential and positions the Philippines as an emerging hub of technological advancement and entrepreneurial success,” he added.
Moreover, the GSER 2024 highlighted the dynamic expansion of Manila’s fintech, e-commerce, and gaming industries. This was driven by a rich pool of talent, an active startup scene, and strong partnerships between government agencies and private entities.