Finance Secretary Frederick Go on Thursday welcomed a plan by Foxmont Capital Partners to invest up to P4 billion in the Philippine startup ecosystem, calling the move a sign of strong investor confidence in the country’s innovation-driven growth.
The investment is expected to accelerate local innovation and expand access to capital while generating more jobs for Filipinos.
The venture capital firm’s planned expansion follows a year where the Philippine startup ecosystem recorded $1.5 billion in private capital, representing a 34-percent increase from the previous record of $1.12 billion.
“Foxmont’s continued engagement with Philippine startups reflects strong confidence in the country’s long-term fundamentals and policies. Their investment will help our startups scale, strengthen Filipino talent, foster innovation and build agile enterprises that deliver more accessible products and services to Filipinos,” Go said.
During a meeting held last week, Foxmont managing partner Franco Varona and Go discussed strategies to increase foreign direct investment into the country. Foxmont focuses on high-growth, technology-enabled startups and aims to back companies that address market needs and drive inclusive growth.
“Foxmont’s planned investments into the Philippines reflect our continued conviction in Philippine companies that can drive productivity, scale efficiently and compete in higher-value sectors. We see strong opportunities to work alongside partners across government and the broader ecosystem to deepen private capital’s impact on the economy,” Varona said.
The firm has deployed more than P1 billion since 2018 into a portfolio covering fintech, e-commerce and digital platforms. It is currently raising its third fund.
According to the Foxmont 2026 Philippine Private Capital Report, private capital in the country accounts for about 0.3 percent of annual gross domestic product.
The Department of Finance reaffirmed its commitment to supporting these investment plans to further integrate the Philippines into the global economy.
