The Philippines aggressively positions itself as a pivotal player in the Southeast Asian tech ecosystem, driven by a skilled workforce, high potential industries, and progressive policies. Notable developments in the country's innovation landscape over the past decade greatly contributed to the huge leap in the Philippines' Global Innovation Index ranking, jumping from 100th in 2014 to 53rd in 2024.
Moreover, the Philippines is attracting significant global attention as it boasts of approximately 1,200 startups, 65 incubators and accelerators, 55 venture capitalists, and 210 coworking spaces. Manila thrived despite the venture capital winter, as it reached a total of $2.4 billion VC funding and an exit value of $258 million from 2020 to 2024. The Manila ecosystem proactively catalyzes growth and attracts more domestic and foreign investments, with the establishment of startup hubs and hosting of startup conferences, like the annual Philippine Startup Week.
With strong regulatory support, the Philippines continues to create a robust, supportive environment for Filipino entrepreneurs as guided by the Innovative Startup Act’s 2030 Vision of “A Philippine Startup Ecosystem that sustains Filipino entrepreneurship.” As the co-implementing agencies of the law, the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), and Department of Information and Communications Technology (DICT) intensify their efforts to achieve specific targets, which include establishing 50 new Technology Business Incubators (TBIs), achieving 90% self-sustainability among TBIs, doubling the number of Filipino startups and funded startups, raising $10 billion in investments, and reaching unicorn status for four Filipino startups.
