The Philippine startup ecosystem has emerged as a promising player in the global market, with a valuation of $3.5 billion, according to the recently released Global Startup Ecosystem Report 2023.
While this figure falls short of the global average of $34.6 billion, the report highlights the rapid growth and potential of the Philippine startup scene, buoyed by its young and tech-savvy population.
Startup Genome, a renowned global policy advisory and research organization, conducted the report.
Among the notable strengths identified within the Philippine startup landscape are fintech, e-commerce, and gaming.
With the Bangko Sentral ng Pilipinas aiming to digitalize 50% of retail transactions, the fintech sector is poised for significant expansion. However, to foster widespread adoption and instill confidence in digital banking, cybersecurity measures must be prioritized.
In terms of e-commerce, the Philippines is one of the fastest-growing markets worldwide, driven by its youthful demographic and high internet penetration.
Gaming, particularly esports, is also gaining traction in the Philippines as smartphone accessibility and mobile internet services improve. With over 45 million active gamers, the country presents a fertile ground for esports development.