TRADE and Industry Undersecretary Rafaelita Aldaba said that an enabling policy from the government and support from the private sector is needed as they project that the Philippines’ startup ecosystem will increase or reach USD10 billion by 2028.

Aldaba told reporters that they aim by the end of the Marcos administration that the value of local startups will grow more than double the current value of Metro Manila startups, which is at USD3.5 billion in 2023.

“In the next five years, we want it (Metro Manila startups) to double. Maybe USD10 billion (for the whole country) until the end of the administration. I hope we reach this target with all the different programs and policies, infrastructure being built in order for us to create a more dynamic and vibrant and robust startup ecosystem,” she said.

Meanwhile, Aldaba said that they are pushing for larger share of startups outside Metro Manila.

The said total value of the startup ecosystem of around 20 percent by 2028.

Aldaba noted that for Metro Manila alone they have more than 1,100 startups, 60 incubators and accelerators, and more than 50 investors and venture capitals.

She also said that said that the Philippine Innovation Act and Innovative Startup Act enacted into law in 2019 have helped in the expansion of the local startup ecosystem.