THE Department of Trade and Industry (DTI) is confident in reaching the $10-billion value of the startup ecosystem in the country in the next five years.
Trade and Industry Undersecretary Rafaelita Aldaba said on Monday that this is due to the commitments expressed by the different government agencies to accelerate the startup ecosystem in the Philippines.
“We are expecting it to grow in the next five years; we want it to double [to] $10 billion until the end of the administration,” Aldaba said on the sidelines of the opening ceremony of the Philippines Startup Week 2023 in Makati City.
The DTI is strengthening its science, technology and innovation programs such as the Accelerating Development, Valuation and Corporate Entrepreneurship, Global Acceleration Program, International and Local Exposure Assistance, among others, that will provide necessary capital and resources for startups.
Department of Science and Technology (DoST) Secretary Renato Solidum Jr. said the department has supported more than 60 startups and provided a total of P230-million fund for research and development through the Startup Grant Program.
Aside from that, the DoST has also funded 15 women-led social enterprises worth P53 million, including the Regional Startup Enabler for Ecosystem Development Program amounting to P120 million.
In July, the Global Startup Ecosystem Report 2023 said that Manila recorded a $3.5-billion value from its startup ecosystem in the first half of 2023 from the $2 billion logged in the same period last year.
Manila is also recognized as being in the top 25 global ecosystems and top 10 Asian ecosystems in affordable talent, which are measures of the ability to hire tech talent.
This is attributed to the strengthening of financial technology as the Bangko Sentral ng Pilipinas aims to achieve 50 percent digital retail transactions with 70 percent of Filipinos having bank accounts by 2023 leading to increased e-commerce in the country.
“To witness Manila gaining traction as an innovation hub is incredibly rewarding. This underscores the Philippines’ transformation from an active player to a formidable leader in the Asean region — an achievement we share with the dynamic stakeholders of the Philippine startup ecosystem,” said Trade and Industry Secretary Alfredo Pascual.