NDC to fund digital energy solutions startup
MANILA -The National Development Co (NDC), the investment arm of the Department of Trade and Industry (DTI), will announce today the first beneficiary of its startup investment fund (SVF) this year, granting P11 million to digital energy solutions startup SolX Technologies Inc.
Antonilo DC Mauricio, general manager of NDC, told the Inquirer on Monday that aside from the P11 million that will be coming from the SVF, another P11 million will be invested as well by Japan-based Real Tech Holdings Co. Ltd. as a co-investment partner.
To recall, digital energy solutions platform SolX won in the regional startup competition in the recently held tech conference Ignite 2023 on Oct. 12 to Oct. 13 at Fairmont Hotel in Makati City.
SolX’s platform helps local companies in identifying ideal power contracts and retail electricity suppliers, leading to cost-effective decisions on their energy consumption.
The company is also set to represent the Philippines in the SWC Global Competition in California’s Silicon Valley in December next year.
Meanwhile, Mauricio said two other firms have also been approved to receive funding from the SVF, the details of which have not been announced yet.
According to the NDC executive, the SVF has a fund size of P500 million to date, an amount that they are planning to increase next year.
PH ideal destination
Trade Secretary Alfredo Pascual had earlier touted the Philippines as an ideal destination for startup companies, highlighting that the government has put in place an enabling environment as well as the SVF to help these budding businesses thrive in the country.
Citing the Global Startup Genome Report in 2022, the trade official said that the local startup ecosystem in general, and Manila’s entrepreneurial ecosystem in particular, were included in the report’s top 20 global ecosystems and the top 10 Asian ecosystems in affordable talent lists.
The report, which collected data from over 3 million companies, also pegged the Philippines belonging to the report’s lists of top 25 Asian ecosystems, top 15 Asian emerging ecosystems in funding, and top 30 Asian ecosystems in “bang for buck,” among others.
Pascual had also emphasized the tax incentives from the government, citing that the country offers a 20 percent corporate income tax rate for startups under the Corporate Recovery and Tax Incentives for Enterprises Act of 2021.
