Manila listed among Asia’s top 30 cities for startups
The Philippines’ capital city of Manila ranked 30th in the Global Startup Ecosystem Report (GSER), joining other Asian cities in the top startup ecosystems list for this year.
The GSER 2021 said that the startup ecosystem in the country “is rapidly developing with stronger government support particularly in high-growth services such as AI, Big Data, and fintech, among others.”
The report added that government policies — such as the Philippine Innovation Act and the Innovative Startup Act — have helped in boosting the local startup community.
The country’s startup ecosystem is currently valued at US$584 million, while early-stage funding amounted to US$101 million.
Department of Trade and Industry (DTI) Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba said that they will continue supporting local startups “by reducing barriers to entrepreneurship, providing the right conditions, and boosting their entrepreneurial potential.”
The GSER report also highlighted DTI’s Startup Venture Fund (SVF) as one of the reasons why Manila is an ideal location for startups.
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