Manila has grown its startup ecosystem to USD3.5 billion, according to the 2023 Global Startup Ecosystem Report (GSER).<\/p>\n
The value of the startup ecosystem rose 85 percent from the USD2.1 billion reported in the 2022 GSER, the Department of Trade and Industry (DTI) said in a statement Friday.<\/p>\n
\u201cTo witness Manila gaining traction as an innovation hub is incredibly rewarding. This underscores the Philippines\u2019 transformation from an active player to a formidable leader in the ASEAN region – an achievement we share with the dynamic Philippine startup ecosystem,\u201d DTI Secretary Alfredo Pascual said.<\/p>\n
Launched in Amsterdam on June 15, the report has given Manila various commendations such as top 25 Global Ecosystem; top 10 Asian Ecosystem in Affordable Talent; top 20 Asian Ecosystem in Funding; and top 30 in Asia in terms of Ecosystem for Bang for Buck, Ecosystem in Talent and Experience, and Ecosystem in Performance.<\/p>\n
The GSER also highlighted Manila\u2019s financial technology, electronic commerce, and gaming sectors amid the number of pool of talents, activities in these sectors, and public and private collaboration and other stakeholders in enhancing the environment for Filipino startups.<\/p>\n
\u201cOur impressive leap in the GSER 2023 Report is a testament of our sustained commitment to fostering a dynamic startup ecosystem. We have put in place mechanisms for continued growth, from streamlined government processes to strategic investment support mechanisms,\u201d Pascual said.<\/p>\n
DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba also underscored the government\u2019s support to improve the country\u2019s human capital which plays a critical role in Manila\u2019s tech innovation success.<\/p>\n
\u201cWe continue to invest in and inspire our young Filipino talent. Our strategy fosters scientific and technological innovation, while the Skills Framework ensures they are equipped with competencies that are in demand. We firmly believe that our people are our primary competitive advantage in this era of industrial transformation,\u201d Aldaba said. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
Manila’s explosive startup ecosystem hits new heights with impressive growth to USD 3.5 billion, placing it as a formidable leader in the ASEAN region. <\/p>\n","protected":false},"author":73,"featured_media":249374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19565],"tags":[],"class_list":["post-249373","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-today"],"zyndk8_nxtgen_metadata":[],"_links":{"self":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=249373"}],"version-history":[{"count":0,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/media\/249374"}],"wp:attachment":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=249373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=249373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=249373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}