The Department of Trade and Industry (DTI) teamed up with its local partner enablers and Startup Genome to showcase Manila’s entrepreneurial ecosystem in the Global Startup Ecosystem Report:

• Top 30 Global Ecosystem and Top 15 Asia Ecosystem in Affordable Talent, which measures the ability to hire tech talent;

• Top 40 Global Ecosystem and Top 15 Asia Ecosystem in Bang for Buck, which measures the amount of runway tech startups acquire, on average, from a VC round;

• Top 20 Asia Ecosystem in Funding which measures innovation through early-stage funding and investor’s activity;

• Top 30 Asia Ecosystem in Performance which measures the size and performance of an ecosystem based on the accumulated tech startup value created from exits and funding; and

• Top 30 Asia Ecosystem in Talent & Experience which measures long-term trends over the most.

DTI Secretary Fred Pascual expressed his pride and excitement about the sustained growth of the Manila ecosystem as recognized in the 2024 Global Startup Ecosystem Report.

“The remarkable 72% surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development, and entrepreneurial spirit,” the trade chief said.

“As we continue to advance in the rapidly evolving world of technology and innovation, we remain steadfast in providing the support and infrastructure needed for our startups to thrive. Our clear goal is to empower them to become significant players in the global market. This achievement attests to Manila's economic potential and positions the Philippines as an emerging hub of technological advancement and entrepreneurial success,” he added.

Moreover, the GSER 2024 highlighted the dynamic expansion of Manila's fintech, e-commerce, and gaming industries. This was driven by a rich pool of talent, an active startup scene, and strong partnerships between government agencies and private entities.

DTI Undersecretary Rafaelita Aldaba pointed out that the Philippines is investing in its startup ecosystem to create a prosperous and sustainable future while enhancing global competitiveness.

“With a serious commitment to positioning the Philippines as a premier innovation hub, driving significant global impact, we are dedicated to amplifying support for startups. This entails enhancing funding accessibility, nurturing talent, and cultivating international collaborations. This recognition signifies a promising new chapter for our startup community, affirming our ongoing dedication to innovation and growth,” Usec. Aldaba shared.

To support these initiatives, the DTI is working closely with partner agencies such as the Department of Science and Technology, the Department of Information and Communications Technology, and the National Economic and Development Authority.

Through these collaborations, the government has established several policy reforms, including the Innovative Startup Act, the Philippine Innovation Act, the Philippine Creative Industries Development Act, and the recently passed Tatak Pinoy Act. The reforms were aimed at advancing the local startup ecosystem from a regional tech hub to a recognized global player in the digital economy.

“With the constant support of the Department of Trade and Industry, Manila's startup Ecosystem Value grew 72%, building special strengths in the Fintech, E-commerce, and Gaming subsectors," Startup Genome Founder and CEO JF Gauthier shared.

For more insights and an overview of Manila’s startup landscape, visit the Manila ecosystem page.