With GDP growth of 5.6% in 2023, the Philippines is the fastest growing economy among major ASEAN nations. Nestled at the heart of the archipelago, Manila is its bustling capital and spearheads the country’s startup ecosystem, which features close to 1,100 startups, 60 incubators and accelerators, 50 venture capitalists, and 200 coworking spaces.

The Philippines is rising steadily in the Global Innovation Index, from #100 in 2014 to #56 in 2023, with plans to break into the top 50 by 2028 as outlined in the 2023-2028 Philippine Development Plan. The Department of Trade and Industry (DTI), Department of Science and Technology, and Department of Information and Communications Technology lead efforts to support the country’s tech startup ecosystem. The National Innovation Council leads in developing the country’s innovation goals, priorities, and long-term national strategy.

Philippine Startup Week (PHSW) is the flagship event in the Filipino startup landscape. In 2023, it featured a showcase of the Top 100 Startups, the inaugural Sinigang Valley Conference, and over 50 community-led events across the country. The Geeks On A Beach conference reconvened during PHSW23 after a five-year hiatus, gathering leaders, innovators, and investors in the Philippine startup scene.

In 2023, startups in the Philippines raised $960 million across 96 deals. In mid-2023, Manila-based VC Kaya Founders closed $12 million in new funds, aiming to broaden their investment focus across pre-Seed to Series A stages.