A total of US$547 million was invested in Philippine startups as of 2020, according to Department of Trade and Industry (DTI) Secretary Ramon M. Lopez.
During the virtual Manufacturing Summit 2021, Lopez said that over US$50 million in investments were made to our local startups that include Kumu, Paymongo, Plentina, Great Deals Ecommerce, GrowSari, and NextPay, among others.
The trade secretary added in his keynote speech that “despite the struggle of traditional businesses, tech startups have continued to emerge and provide solutions and services to the public amidst the pandemic.”
With the implementation of the Innovative Startup Act, Lopez expects to see the emergence of new businesses that will address “future societal problems and challenges of the country.”
The Philippines currently has over 700 startups, more than 200 co-working spaces, and over 35 incubators and accelerators, and numerous potential investors and venture capitalists nationwide.