PHL start-up ecosystem value up at $2.1B–GSER

THE 2022 Global Start-up Ecosystem Report (GSER) revealed that Manila’s Ecosystem Value strongly improved this year at $2.1 billion from $548 million last year. 

According to the Department of Trade and Industry (DTI), Manila is highlighted in the world’s paramount report on enriching start-up and economic growth—ranking as a Top 20 Global Ecosystem and Top 10 Asian Ecosystem in Affordable Talent. 

The pandemic transformed the Philippine start-up ecosystem and served as a “catalyst” which drove the country to rapidly innovate and adopt new technologies. This, the Trade department noted in a statement on Tuesday, led to the emergence of new players, a broader universe of start-ups, larger venture rounds, more frequent fund-raising and progressive industry growth. 

As the focus shifts towards digital transformation, a more dynamic approach is adopted, placing the start-up scene at the center of innovation-based programs and projects. 

Aside from the gain in ecosystem value, Manila’s total early-stage funding showed similar gains with an increase to $292 million this year from $ 101 million last year.

Fintech and e-commerce also remain the country’s top-performing sectors due to their density of talent, support resources, and start-up activity. All these developments may be attributed to the emergence of innovative and enterprising talent, complemented by enabling laws, and the development of high-impact policies, fostering a more conducive business environment where start-ups can thrive. 

In particular, Manila’s entrepreneurial ecosystem, based on the GSER 2022 Report, bagged numerous accomplishments such as Top 20 Global Ecosystem and Top 10 Asian Ecosystem in Affordable Talent; Top 25 Asian Ecosystem and Top 15 Asian Emerging Ecosystem in Funding; Top 30 Asian Ecosystem in Bang for Buck; Top 30 Asian Ecosystem and Top 20 Asian Emerging Ecosystem in Performance; Top 30 Asian Ecosystem and Top 20 Asian Emerging Ecosystem in Talent & Experience.

Meanwhile, it’s noteworthy that tax incentives and support for foreigners are cited as reasons a start-up should move to Manila. 

With the above-mentioned key accomplishments, the Trade department emphasized that the Philippines remain steadfast in its push toward sustaining the gains and keeping the momentum toward economic recovery. As the country shifts to a new administration, a call for a united front and aggressive development of the Philippine start-up ecosystem is needed to keep up with rising and emerging ecosystems highlighted in the #GSER2022 Report. 

The DTI, in collaboration with other host agencies of the Innovative Start-up Act, continues to develop the competitiveness framework for the Philippine Start-up Development Program. 

In fact, several projects are currently in line to help start-ups from ideation to commercialization, aiming to develop hyper growth start-ups and provide structure to the ecosystem to ensure strategic and steady growth.  

Image credits: PNA/Leilanie G. Adriano

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