The Global Startup Ecosystem Report (GSER) 2021 ranked Manila as one of the top 30 Asian ecosystems in terms of performance, the Department of Trade and Industry (DTI) said.
In a statement, DTI said the value of Manila’s startup ecosystem is at $584 million, with $101 million in total early-stage funding over the last two and a half years.
DTI said GSER identified affordable talent (or the ability to hire tech talent) as the strength of the Manila startup ecosystem, ranking among the top 20 in Asia for Bang for Buck (or the amount of runway tech startups acquire), top 30 in knowledge (or the innovation through research and patent activity), funding, as well as talent and experience (or the access to talent by early-stage startups).
Secretary Ramon Lopez said DTI is finalizing the structure that will allow us to maximize the utilization and effectiveness of the Startup Venture Fund (SVF) the agency is allocating for the development of start-up ventures in the country.
The GSER 2021 identified fintech and e-commerce as Manila’s ecosystem sub-sector strengths. Despite the pandemic, a number of fintech startups in the Philippines have managed to raise substantial funding.
The GSER is the world’s most comprehensive and widely-read research on startups with 250 ecosystems studied.