Manila’s startup ecosystem continues to flourish, according to the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.
The city’s ecosystem was valued at $6.4 billion from July 1, 2021 to Dec. 31, 2023. It also saw a 72-percent compound annual growth rate between July 2019 and December 2021, and continued between July 2021 to December 2023.
The surge was attributed to the economic impact of exits and startup valuations. These data were presented during the GSER launch at London Tech Week.
The Department of Trade and Industry (DTI) teamed up with its local partner enablers and Startup Genome to showcase Manila’s entrepreneurial ecosystem at the #GSER2024.
This includes the 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 Ecosystem in Bang for Buck which measures the amount of runway tech startups acquire, on average, from a VC round; and Top 20 Asia Ecosystem in Funding which measures innovation through early-stage funding and investor’s activity.
It also ranked 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 and Experience which measures long-term trends over the most.
Department of Trade and Industry Secretary Alfredo Pascual expressed excitement about the sustained growth of the Manila ecosystem as recognized in the 2024 Global Startup Ecosystem Report.
“The remarkable 72-percent 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 said.
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 said 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,” Aldaba said.
