Philippines Aims to Raise P5 Billion in Investments for Local Startups

The Department of Science and Technology (DOST) announced its goal to generate P5 billion in investments by 2029 to support Filipino startups. Speaking at a recent briefing, Enrico C. Paringit, Executive Director of the DOST-Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD), highlighted the need for increased funding to propel local startups onto the international stage.

“Setting such a target allows us to measure the effectiveness of our programs and ensure the right interventions are in place,” Paringit stated, adding that the DOST has already allocated P362.7 million to support 96 startups. These investments have reportedly generated 3,560 jobs and attracted over 11,000 users.

This push is supported by Republic Act No. 1137, the Innovative Startup Act, which mandates the DOST, Department of Trade and Industry (DTI), and the Department of Information and Communications Technology (DICT) to incentivize the local startup sector. The DTI’s Karl Pacolor emphasized the importance of both local and international funding, given the Philippines’ limited capital resources compared to other countries.

“The goal is to elevate our startups to international markets through exposure programs across Southeast Asia,” said Pacolor. These initiatives, combined with the DICT’s Startup PH website, a central hub for startup resources, aim to create a vibrant ecosystem that nurtures innovation and supports business growth.