THE value of the country's startup ecosystem surged to $6.4 billion, a report from the 2024 Global Startup Ecosystem Report (GSER) showed.

The GSER added that the value of the Philippine startup ecosystem rose by 72 percent between July 2019 and December 2021, and was sustained until December 2023."The remarkable 72-percent surge in ecosystem value is a direct result of the collective efforts of the startup ecosystem that fosters innovation, talent development and entrepreneurial spirit," Trade Secretary Alfredo Pascual said.In terms of ranking, the Philippines moved up in the 81-90 bracket of the GSER from 91-100 the previous year.Presented during the GSER London Tech Week last June 10, the report also recognized the Philippines as one of the countries included in Top 30 Global Ecosystem and Top 15 Asia Ecosystem in Affordable Talent; Top 20 Asia Ecosystem in Funding; and Top 30 Asia Ecosystem in Performance.The report also highlighted the dynamic expansion of the Philippine financial technology, e-commerce and gaming industries. The department said that this was "driven by a rich pool of talent, an active startup scene and strong partnerships between government agencies and private entities.""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," said Trade Undersecretary Rafaelita Aldaba."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," she added.The DTI said that it is working closely with other agencies such as the Department of Science and Technology, the Department of Information and Communications Technology, and the National Economic and Development Authority to support such initiatives.Moreover, Pascual said the achievement of the Philippine startup ecosystem shows that the country is an emerging hub for technological advancement."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," the trade chief said.The GSER collects and analyzes data from over 4.5 million companies across over 300 entrepreneurial innovation ecosystems. It also provides new insights on startup trends around the world, ranks the top 30 and 10 runner-up global ecosystems and emerging ecosystems, and offers an expanded regional ranking.