Manila startup ecosystem valued at $6.4 billion in 2023

MANILA, Philippines — The value of Manila’s startup ecosystem hit $6.4 billion as of end-2023, according to the 2024 Global Startup Ecosystem Report (GSER).

The report from Startup Genome and the Global Entrepreneurship Network showed Manila’s startup ecosystem was valued at $6.4 billion from the second half of 2021 until December 2023.

It also showed Manila’s startup ecosystem value experienced a 72 percent compound annual growth rate between July 2019 and December 2023.

“The remarkable 72 percent surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development and entrepreneurial spirit,” Trade Secretary Alfredo Pascual said in a statement.

The GSER report identified fintech, e-commerce and gaming as Manila startup ecosystem’s sub-sector strengths.

This was driven by the rich talent pool, an active startup scene and strong partnerships between government agencies and private entities.

Pascual said the government would continue to provide the necessary support and infrastructure for startups to thrive.

“Our clear goal is to empower them to become significant players in the global market. This achievement attests to Manila’s economic potential and positions the Philippines as an emerging hub of technological advancement and entrepreneurial success,” he said.

Trade Undersecretary Rafaelita Aldaba said investments are being made in the startup ecosystem for a sustainable future and to enhance the country’s global competitiveness.

“With a serious commitment to positioning the Philippines as a premier innovation hub, driving significant global impact, we are dedicated to amplifying support for startups. This entails enhancing funding accessibility, nurturing talent and cultivating international collaborations,” she said.

To support startups, the DTI is working closely with other agencies such as the Department of Science and Technology, Department of Information and Communications Technology and the National Economic and Development Authority.

Among the policy reforms put in place to develop the country’s startup ecosystem are the Innovative Startup Act, the Philippine Innovation Act, the Philippine Creative Industries Development Act and the recently passed Tatak Pinoy Act.