THE Philippine capital was among the lowest-ranked in a top 100 list of emerging global startup ecosystems, according to a report from research and policy advisory organization Startup Genome.
The Global Startup Ecosystem Report 2021 put Manila in the 91-100 rank, with scores of 1 out of 10 in performance and funding, 2 in market reach, and 6 in talent.
Manila was in the 31-40 rank in the 2020 report, with a score of 5 in performance, 3 in funding, 10 in market reach, and 7 in talent.
Trade Secretary Ramon M. Lopez in a statement said the department will work on improving the country’s performance.
“We are moving forward in finalizing the structure that will allow us to maximize the utilization and effectiveness of the Startup Venture Fund (SVF) that we are allocating for the development of startup ventures,” he said.
Manila ranked in the top 10 in Asia and top 20 in the world for affordable talent.
Total early-stage funding in Manila is $101 million over the last 2.5 years, far below the $431 million global average. Its ecosystem value is $548 million, while the global average is $10.5 billion.
Manila’s strengths are in financial technology and e-commerce.
“The fast-growing use of mobile banking, an enabling regulatory environment, and a high number of unbanked and underserved Filipinos allowed more fintech startups to prosper in the Philippines,” the report said.
The Department of Trade and Industry (DTI) said a number of fintech startups in the Philippines managed to raise substantial funding during the pandemic.
“Likewise, the ongoing community lockdown has accelerated the growth of the e-commerce industry in the country, with revenue estimated at over $5 million in 2021 and with market volume projected to reach $8.8 million by 2025,” the DTI said.
In the report’s list of top 30 global startup ecosystems, Silicon Valley, London, New York City, Beijing, and Boston topped the list
The top 100 emerging ecosystems, which are in the earlier stages of growth, are led by Mumbai, Copenhagen, Jakarta, Guangzhou, and Barcelona. — Jenina P. Ibañez