Philippines

Manila

Activation Phase

In late 2018 and early 2019, we've seen how local and international investors have noticed the potential of Philippine startups and it's caused an inflection point in terms of deals.

Adrià Villarroya Viñas

Program Lead for Startup Development at QBO Innovation Hub

Sub-sector Strengths

Fintech

Fintech companies make up 15% of Manila’s startups. The transaction value of the Fintech market in the Philippines reached roughly $5.7 billion in 2018 and is expected to hit $10.5 billion by 2022. First Circle, which provides supply chain financing, raised $26 million in 2018. Close by in Rizal, Coins.ph was acquired for $72 million in 2019 and in Mandaluyong, Voyager Innovations was acquired for $215 million in 2018.

Why you should invest in Manila

SOFTWARE STARTUP OUTPUT

400-600

GLOBAL AVG.

1,010

ECOSYSTEM VALUE

$378 m

GLOBAL AVG.

$5 bn

Top 5 Activation Ecosystem

Connectedness

Top 10 Global Ecosystem

Bang for Buck

Exit Growth
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Output Growth
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Funding Growth
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Reasons to move your startup to Manila

EARLY-STAGE FUNDING PER STARTUP

$115 k

GLOBAL AVG.

$284 k

TOTAL EARLY-STAGE FUNDING

$60 m

GLOBAL AVG.

$837 m

SOFTWARE ENGINEER SALARY

$12.1 k

GLOBAL AVG.

$58.3 k

Experienced tech talent

The well-established outsourcing industry, built around talent from Philippines’ universities and strong English-language skills, gives founders an experienced set of employees to access.

Startup support

The Youth Entrepreneurship Act promotes finance and startup skills, while the Philippine Innovation Act and the Innovative Startup Act of the Philippines aim to foster an innovative entrepreneurial culture.