News Release

Manila Startup Ecosystem boasts USD 2 Billion in Ecosystem Value in the recent #GSER2022 Report Launch at the London Tech Week 

Manila is highlighted in the world’s paramount report on enriching startup and economic growth – ranking as a Top 20 Global Ecosystem and Top 10 Asian Ecosystem in Affordable Talent. 

SAN FRANCISCO, Calif. — June 14, 2022 — The Startup Genome unveiled the Global Startup Ecosystem Report (GSER) 2022 at London Tech Week today, June 14, 2022 (BST).  

The pandemic transformed the Philippine startup ecosystem and served as a catalyst which compelled the country to rapidly innovate and adopt new technologies. This led to the emergence of new players, a broader universe of startups, larger venture rounds, more frequent fundraising, and progressive industry growth. A more dynamic approach is adopted as the focus shifts towards digital transformation, putting the startup scene at the center of innovation-based programs and projects.  

Significant gains were reported in GSER 2022. For instance, there is a strong improvement in the Manila’s Ecosystem Value this year at USD 2.1 billion from USD 584 million last year. Total Early-Stage Stage Funding showed similar gains with an increase to USD 292 million this year from USD 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 startup activity. All these are made possible with the emergence of innovative and enterprising talent, complemented by enabling laws, and the development of high-impact policies, creating a more conducive business environment where our startups can thrive.  

The launch of the #GSER2022 Report at the London Tech Week boasts insights and guidance to public and private leaders on fostering developing startup communities. In particular, Manila’s entrepreneurial ecosystem is reported 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  

•     Tax incentives and support for foreigners are cited as reasons a startup should move to Manila          

Truly, the Philippines remain steadfast in its thrust toward sustaining the gains and keeping the momentum toward economic recovery. As the country transitions to a new administration, a call for a united front and aggressive development of the Philippine startup ecosystem is needed to catch up with rising and emerging ecosystems highlighted in the #GSER2022 Report.  

The Department of Trade and Industry (DTI), together with other host agencies of the Innovative Startup Act, continually develops the competitiveness framework for the Philippine Startup Development Program. Several projects are currently in the pipeline to aid startups from ideation to commercialization, with the target to develop hypergrowth startups and provide structure to the ecosystem to ensure strategic and continual growth.  

With the recent partnerships and collaborations spearheaded by DTI, during the Israel Innovation Mission on 7 June 2022, Secretary Ramon M. Lopez underscored the country’s goal “to expand our global connectedness by engaging with our partners as we connect the Philippine startup ecosystem with other regional and global ecosystems.” The emphasis placed on the importance of building collaboration to adopt best practices and creating a linkage with emerging ecosystems indeed contributed to our significant gains.  

Undersecretary Rafaelita M. Aldaba remains hopeful as she believes that “the Philippine Startup Ecosystem is thriving in the new normal as seen in the unfettered growth of investments. Home to a great pool of creative talents and with more focused government support, the Philippines is now a real emerging startup destination.”  

Sec. Lopez added, “We stress the importance of financial support from the government. The key success factor for innovation is the vibrant ecosystem and clear fund support by the government to selected startups with disruptive technologies and scalability.” 

With data from over three million enterprises spanning 280+ entrepreneurial innovation ecosystems, GSER is the world’s most comprehensive research on startups where the top 30 and 10 runner-up global ecosystems, as well as a top 100 ranking of developing ecosystems, are ranked. The GSER is created in partnership with the Global Entrepreneurship Network, Dealroom and Crunchbase. Discover how 140 entrepreneurial ecosystems worldwide stack up and view the full report here: https://startupgenome.com/report/gser2022 (available June 14). 

ABOUT the Department of Trade and Industry 

The Department of Trade and Industry (DTI) is the primary coordinative, promotive, facilitative and regulatory arm of the Philippine Government with the country’s trade, industry, and investment activities to realize the country’s goal of globally competitive and innovative industry and services sector that contributes to inclusive growth and employment generation. Visit our website for more information about our program projects at www.dti.gov.ph. Follow our DTI PhilippinesDTI-Competitiveness and Innovation Group, and DTI-Competitiveness Bureau Facebook pages, and join us on Viber.  

ABOUT STARTUP GENOME  

Startup Genome is the world-leading policy advisory and research organization for public and private organizations committed to accelerating the success of their startup ecosystem. We have advised more than 125 clients across six continents in 45+ countries to date. Working side-by-side with 300 partner organizations, our frameworks and methodologies have become instrumental to define and execute robust policies and programs that drive lasting change. Many of the world’s leading governments and innovation-focused organizations have joined our knowledge network to cut through the complexities of startup ecosystem development and fuel sustained economic growth. Follow our work at startupgenome.com, and follow us on LinkedIn and Twitter

DIYARYO MILENYO is a free and independent online media outfit that publishes events happening in the local communities and current issues that matter to the public with local, national and global implications. DIYARYO MILENYO is composed of volunteer journalists and community writers scattered in various parts of the Philippines. They report the news right and where it happens. It adheres to the standards and ethics of journalism. It imposes strict rules against attacking someone. Strictly adhering to publish good news only.

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