In an attempt to map out which countries and cities are innovating the most during the Covid-19 crisis, startup ecosystem map and research center StartupBlink released this year’s version of the Startup Ecosystem Rankings Report alongside the new Coronavirus Innovation Map.
Based on the report, the Philippines jumped by a single spot to 53rd globally. When it came to city rankings, Manila went down four notches to the 88th spot, compared to last year’s 84th. Cebu City was at 252nd spot, while Cagayan de Oro managed to enter the list for the first time at the 580th place.
When it came to the country’s startup ranking during the pandemic, the Philippines was able to snag the 29th spot, while Manila placed 64th for cities globally.
The report noted that the Philippines enjoys a large remote workforce for international startups, with the advantage of having a “talented English speaking population”.
Some government programs that directly contributed to the increase in the number of startups include tech accelerators QBO Innovation Hub and P3 Program.
“Facing a global pandemic, the Philippine ecosystem has sustained its growth momentum. With continued support from both public and private entities, we believe the startup scene will continue to flourish,” said Katrina Rausa Chan, director of QBO.
The industries that strongly attracted investors included financial technology (fintech), medical and healthcare technology, education technology, and even e-commerce.
The spike can also be attributed to some of the public sector incentives offered to local startups. The most notable include the Innovative Startup Act, the Technology Business Incubator (TBI), the Startup Research Grant, and Startup Pinay.
As of this time, the Philippines is home for more than 700 tech startups, 120 co-working spaces, 50 angel investors, 40 venture capitalists, and 35 incubators and accelerators.