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.
Related news
- PH named worst country to launch startups · 28 Mar
- Flatworld PH earns 2nd Great Place to Work Certification · 28 Mar
- Calabarzon workers seek P750 minimum wage · 28 Mar
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
