Phl among world's fastest growing startup hubs - report

The Philippines is emerging as one of the world’s fastest-growing startup hubs with the valuation of the country’s technology-based startup companies doubling to $6.4 billion this year from only $3.5 billion a year ago, according to a recently published 2024 Global Startup Ecosystem Report.

- RAINIER ALLAN RONDA

“The growth we are seeing in the Philippine startup ecosystem is encouraging for both startups and venture capitalists. There are immense opportunities for innovation and entrepreneurship here. Our startups are becoming more competitive in the region,” tech startup incubator Brainsparks co-founder Artie Lopez said.

According to startup ecosystem platform e27 co-founder Thaddeus Koh, the Philippines is becoming the prime market for startups, emphasizing the country’s potential and funding opportunities.

“The Philippines is a thriving hub for tech companies. Its strategic location in Southeast Asia, coupled with a highly skilled and affordable workforce, grants access to a massive regional market and acts as a gateway to neighboring economies,” he said.

Koh explained that with a rapidly growing population and a government that actively promotes foreign investments through sound policies, the Philippines has a “vast potential consumer base for business.”

“The Philippine startup ecosystem is now the fastest emerging startup hub in the world,” he said. “We need to showcase the Philippines in the region.”