The Philippines have has around 700 startups as of October 2021, an increase of 156 percent from 273 startups in 2017. The number of startups in the country is expected to keep growing in succeeding years.
Most funded startup sector
Across sectors, financial technology or fintech was the most funded startup sector in the Philippines. In 2021, the value of deals received by startups in the FinTech sector accounted for over half of the total deal value. FinTech is rapidly expanding in the Philippines due to increased digitalization and government campaigns to boost financial inclusion and digital payment adaption. Two of the three unicorn startups are in fintech.
Startup ecosystem
Although the startup landscape in the Philippines is nascent, focused government support and high digital adaption are expected to support its growth in the following years. In 2019, the government introduced the Startup Innovation Act, providing incentives to make starting a new business much easier. By 2025, it was forecast that the number of newly registered businesses would reach over 20 thousand.
Number of startups in the Philippines from 2017 to 2021
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Gobi Partners, & Core Capital. (November 15, 2021). Number of startups in the Philippines from 2017 to 2021 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/
Gobi Partners, und Core Capital. "Number of startups in the Philippines from 2017 to 2021." Chart. November 15, 2021. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/
Gobi Partners, Core Capital. (2021). Number of startups in the Philippines from 2017 to 2021. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/
Gobi Partners, and Core Capital. "Number of Startups in The Philippines from 2017 to 2021." Statista, Statista Inc., 15 Nov 2021, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/
Gobi Partners & Core Capital, Number of startups in the Philippines from 2017 to 2021 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/ (last visited November 10, 2024)
Number of startups in the Philippines from 2017 to 2021 [Graph], Gobi Partners, & Core Capital, November 15, 2021. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1342728/philippines-number-of-startups/
