P8Bn fund now available for PH startups
MANILA, PHILIPPINES — A startup venture fund (SVF) of PHP8 billion (US$147 million) is now available for Filipino startup companies, said the Department of Trade and Industry (DTI).
In a statement, the DTI explained that the fund aims to help grow and accelerate the local startup sector.
Under the SVF, the National Development Corp. (NDC) — DTI’s investment arm — allocated PHP500 million (US$9.20 million) for equity financing, while another PHP2 billion (US$36.8 million) is for capital financing.
Another PHP500 million for equity financing has also been contributed to the SVF by Small Business Corp., DTI’s micro-financing arm.
Meanwhile, private investors committed PHP300 million (US$5.52 million), while microlenders have pledged to allot another PHP4 billion (US$73.6 million).
NDC General Manager and SVF Investment Committee Chair Antonilo Mauricio added that the microloans “are for stakeholders of the companies—entrepreneurs, employees, farmers, fisherfolk.”
The DTI is also looking to establish a Creative Venture Fund to help local creative enterprises and workers sustain and expand their operations.
