DTI sets up P20Mn creative venture fund
MANILA, PHILIPPINES — The Department of Trade and Industry (DTI) announced the establishment of a Php20 million (US$365,000) Creative Venture Fund (CVF) to help startups in the creative industry.
According to DTI Undersecretary for Competitiveness and Innovation Group Rafaelita Aldaba, the initial CVF budget would jumpstart a significant fund for the creative industry.
Aldaba also explained that the CVF can be a “co-investment, partnership and some other forms of collaboration with other partners from the startup community.”
In a separate interview, DTI Secretary Alfredo Pascual said they were aiming for a Php500 million (US$9.12 million) CVF but could not “get the funding yet.”
Pascual noted that the CVF aligns with the Republic Act (RA) 11904 (Philippine Creative Industries Development Act) and “shall be used to co-finance the business expansion of creative enterprises and individuals.”
The DTI chief added that this program is based on the government’s view that access to capital is “crucial” in sustaining and expanding the operations of creative enterprises.
Grants and soft loans are also being planned to help more businesses in the creative sector.
