PH startups get global attention after earning $1Bn in 2022
MANILA, PHILIPPINES — Tech startups in the Philippines are at the “center” of global attention after earning over US$1 billion in investments last year.
In an interview with ANC, Digital Pilipinas Convenor Amor Maclang said that for the first time, local startups “exceeded $1 billion in investments and some private equity and venture capital funds close to a quarter of a billion into one country.”
She added that the sector “experienced record highs when it comes to investments coming from all over the world. Winter is thawing, especially in terms of investments. The Philippines appears to be at the center of these investments.”
Maclang explained that part of the sector’s global appeal is the country’s young ecosystem and over 70 million mobile phone users.
The convenor added that the government must support deep and basic tech startups that aim to solve basic problems in the industry.
Maclang also forecasted that four more Philippine unicorns could follow the mobile wallet GCash, which achieved double unicorn status in 2021.
