Philippine Startups Expected To Reach $10 Billion By 2028

The Department of Trade and Industry (DTI) in the Philippines anticipates that the country's startup ecosystem will grow to USD 10 billion by 2028, supported by a conducive environment created by the government and private sector backing.

The DTI aims to double the value of Metro Manila startups to USD 10 billion by the end of the administration and advocates for a 20% share of startups outside Metro Manila in the overall ecosystem by 2028.

DTI Undersecretary Rafaelita Aldaba emphasized the importance of government initiatives, such as the Philippine Innovation Act and Innovative Startup Act, enacted in 2019.

These laws provide resources like tax breaks, grants, startup visas, and innovation funds, fostering the growth of the startup ecosystem.

The DTI aims to double the value of Metro Manila startups to USD 10 billion by the end of the administration and advocates for a 20% share of startups outside Metro Manila in the overall ecosystem by 2028.

In addition to legal support, the government plans to invest in infrastructure, including a Creative and Innovation Hub in Marikina, an Industry 4.0 Pilot Factory with advanced technological equipment, and a Center for Artificial Intelligence Research to support AI needs and training for startups, SMEs, and large enterprises.

The DTI is also collaborating with the Asian Development Bank (ADB) for a USD 400 million loan to fund the Innovation Gateway, a hub for innovation activities.

The agency has secured a 1,200-square-meter land in Pasay City for these initiatives.

The DTI's focus extends beyond economic metrics, aiming to cultivate a culture of innovation where creative ideas are encouraged, risks are taken, and innovative solutions to emerging challenges are actively sought.

This innovation ecosystem is viewed as essential for attracting investments, generating employment, and enhancing the country's competitiveness.

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