Manila’s startup ecosystem continues to flourish according to the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.
During the GSER launch at London Tech Week, it was reported that the city’s ecosystem was valued at $6.4 billion from July 2021 to December 2023.
Manila’s ecosystem value experienced a 72% compound annual growth rate between July 2019 and December 2021, and continued between July 2021 to December 2023. This surge is attributed to the economic impact of exits and startup valuations.
“The remarkable 72% surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development, and entrepreneurial spirit,” DTI secretary Fred Pascual said.
“As we continue to advance in the rapidly evolving world of technology and innovation, we remain steadfast in providing the support and infrastructure needed for our startups to thrive. Our clear goal is to empower them to become significant players in the global market. This achievement attests to Manila’s economic potential and positions the Philippines as an emerging hub of technological advancement and entrepreneurial success,” he added.
Global key findings:
- The top three ecosystems have maintained their same positions from 2020, with Silicon Valley remaining at the top, followed by New York City and London tied for number 2.
- Tel Aviv has moved up one rank and is now tied with Los Angeles at number 4.
- Tokyo has entered the top10, moving up an impressive five places to number 10 from number 15 in the GSER 2023, marking the most significant improvement among the Top 10 ecosystems.
- Seoul has moved up 3 spots and is now ranked number 9, entering the top 10 ecosystems.
- Miami has also made impressive progress, reaching number 16 in the top 20 ecosystems, an improvement of seven positions from last year.
- The top two Chinese ecosystems have dropped in the overall rankings: Beijing by one place and Shanghai by two, now standing at number 8 and number 11, respectively. However, Shenzhen has shown impressive growth, moving up seven spots to rank number 28.
- Paris has moved up an impressive four places from last year to reach number 14.
- Both Zurich and Munich have moved up by five and four positions, respectively, entering the top 35 at number 31 and number 33.
According to the DTI, the GSER 2024 highlighted the expansion of Manila’s fintech, e-commerce, and gaming industries.
DTI undersecretary Rafaelita Aldaba pointed out that the Philippines is investing in its startup ecosystem to create a prosperous and sustainable future while enhancing global competitiveness.
“With a serious commitment to positioning the Philippines as a premier innovation hub, driving significant global impact, we are dedicated to amplifying support for startups. This entails enhancing funding accessibility, nurturing talent, and cultivating international collaborations. This recognition signifies a promising new chapter for our startup community, affirming our ongoing dedication to innovation and growth,” Aldaba shared.
To support these initiatives, the DTI said it is working closely with partner agencies such as the Department of Science and Technology, the Department of Information and Communications Technology, and the National Economic and Development Authority.
Through these collaborations, the government has established several policy reforms, including the Innovative Startup Act, the Philippine Innovation Act, the Philippine Creative Industries Development Act, and the recently passed Tatak Pinoy Act.
The reforms were aimed at advancing the local startup ecosystem from a regional tech hub to a recognized global player in the digital economy.
“With the constant support of the Department of Trade and Industry, Manila’s startup ecosystem value grew 72%, building special strengths in the fintech, e-commerce, and gaming subsectors,” said Startup Genome CEO and founder JF Gauthier.
The GSER analyzes data from over 4.5 million companies across over 300 entrepreneurial innovation ecosystems, using the world’s most quality-controlled dataset on startup ecosystems.
It provides insights and deep knowledge about startup trends around the world, ranks the top 30 and 10 runner-up global ecosystems and emerging ecosystems, and offers an expanded regional ranking.
