Manila has been named among the Top 30 cities in Asia for startups in this year’s Global Startup Ecosystem Report (GSER).
The Philippine capital ranked 30th in regional ecosystem performance while placing within the 91-100 ranking globally in the emerging ecosystems list of the annual report released on September 22, 2021.
Manila was also ranked 10th in Asia and 20th globally in terms of affordable talent.
The Philippine startup ecosystem is valued at USD584-M, with USD101-M in total early-stage funding, according to the latest report by Startup Genome and the Global Entrepreneurship Network (GEN).
The GSER said the sub-sector strengths of the country’s startup ecosystem include fintech and e-commerce.
“The continued emergence of fintech and e-commerce startups in the Philippine market highlights the important role of the government in addressing market failures and creating an enabling environment which is crucial in developing a robust startup ecosystem,” said Undersecretary for the Competitiveness and Innovation Group of the Philippine Department of Trade and Industry (DTI) Rafaelita M. Aldaba in a statement on September 23.
“Despite setbacks due to COVID-19, startups remain a catalyst for innovation. Leveraging on our strengths, the Philippines will continue to support startups by reducing barriers to entrepreneurship and providing the right conditions to boost their entrepreneurial potential.”
The GSER is the world’s most comprehensive and widely-read research on startups with 280 entrepreneurial innovation ecosystems and 3 million startups analyzed. It is published by Startup Genome, the world’s leading policy advisory and research organization for governments and public-private partnerships, in cooperation with the Global Entrepreneurship Network.
Four Filipino startup companies landed on Forbes Asia’s inaugural “100 to Watch” list this year.
The Philippines maintained its place for the third straight year as an “Innovation Achiever” on the 2021 Global Innovation Index (GII).
SEND CHEERS in the comments below to the Philippine startup ecosystem for joining the Top 30 cities in Asia for startups in this year’s Global Startup Ecosystem Report (GSER).
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