Illustrative photo (Photo: businessupturn.com) Hanoi (VNA) – A supportive ecosystem for startups has been established in thePhilippines and it continues to evolve, providing a platform for thedevelopment of innovative enterprises, according to a new report of the AsianDevelopment Bank (ADB).
The report said there are about 700 active startups in the Philippines, asignificant increase from only 100 in 2015.
Mostof the startups are active in fintech, media and entertainment, and e-commerce.Other market segments are emerging but still in the early stages ofdevelopment, said the report.
Startupswith high development impact on education, health, agriculture and theenvironment are emerging, according to the report.
Thereport added that startup innovations in these sectors support human capitaldevelopment by improving health and education, assist poor people in ruralareas by increasing farm productivity, and help create a cleaner environmentthrough mitigation and adaptation to climate change.
"Promotinginnovation is seen as a key strategy for the Philippines to recover from thepandemic, accelerate its growth, and achieve high-income status by 2040,"the report said, adding that startups can play a vital role in these processesthrough their innovative capabilities.
Inthe Philippines, venture capital provided by large corporations was theearliest investment source for startups, which remains a primary funding sourcetoday./.
