DTI declares backing for startup ecosystem

While the Philippine startup ecosystem has yet to reach its full potential, we Filipinos are not lacking in talent or mindset.

The Department of Trade and Industry has guaranteed the startup community that they have the support to equip them for their businesses to boom in the future. During the virtual Slingshot Conference on 17 November 2022, as part of the Philippine Startup Week, DTI Competitiveness and Innovation Group undersecretary Rafaelita Aldaba pledged the agency’s commitment to continue its active involvement in making the Philippine Startup Ecosystem the leading regional innovation and startup hub in Southeast Asia.

“Looking back, the Philippine Startup Ecosystem has grown so much since we first got together in 2015. Back then, only 100 Philippine startups were reported to be active, with USD40M in investment and funding. Today, we see individual startups raising USD30M in one round alone and growing the ecosystem to more than 1000 active startups nationwide,” according to Aldaba.

“While the Philippine startup ecosystem has yet to reach its full potential, we Filipinos are not lacking in talent or mindset. What we need are concrete actions to build ecosystems for startups to innovate and disrupt the status quo, building new solutions which will be our anchor in driving our future economy forward,” she added.