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P250M FOR FIRST YEAR

DTI launches fund for startups

/ 04:02 AM November 24, 2021
DTI: P3.3B released to MSMEs under COVID-19 Assistance to Restart Enterprises

Trade and Industry Secretary Ramon Lopez. (File photo by YANCY LIM / Presidential Photographers Division)

The Department of Trade and Industry (DTI) has launched the Startup Venture Fund (SVF), allotting P250 million to help fund startups this year.

In a statement on Tuesday, the DTI, together with its investment arm the National Development Company (NDC) and the QBO Innovation Hub, said it had launched the SVF as the culminating event of the Philippine Startup Week 2021.

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“Venture capital investment is proven to be effective in promoting innovation and growth and generating productivity gains especially for MSMEs and young startups,” said Trade Secretary Ramon Lopez. The fund will be used to match investments by selected investors in startups based in the Philippines. Another P250 million will be allotted next year.

Startups in the Philippines, however, still have a long way to go.

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Manila fell to the bottom of the rankings of the top 100 emerging startup ecosystems, dropping from the 31-40 rank in 2020 to 91-100 this year, according to the latest Global Startup Ecosystem Report, after the country’s capital city did poorly across all the factors measured.

On a scale of 1 to 10, Manila scored 5 in performance in 2020, 3 in funding, 10 in market reach, and then 7 in talent.

In 2021, however, Manila scored 1 in performance, 1 in funding, 2 in market reach, and 6 in talent. INQ

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TAGS: Business, DTI, Ramon Lopez
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