PH launched the nat’l platform for ‘services industry’ startups

The primary objective of the program is to enhance and safeguard the Philippines' services industry by fostering the development of sector-specific products

The Philippine government has initiated a national innovation platform aimed at nurturing startups within the IT-BPM, migrant workers, and electronics assembly sectors. A partnership agreement was recently signed between the Department of Trade and Industry (DTI) and Plug and Play, a United States-based organization, to oversee a two-year startup accelerator program. Under this program, the focus will be on identifying gaps and opportunities within the aforementioned sectors, fostering connections between industries, and supporting innovative solutions by investing in startups. DTI Secretary Alfredo Pascual highlighted the potential of the Philippines as an emerging startup hub in Asia, particularly citing the country's youthful, educated, and tech-savvy population.

The initiative plans to select and mentor at least 40 startups annually, providing them with access to mentorship, Plug and Play’s deal flow sessions, and DTI-sponsored co-working spaces. Jojo Flores, co-founder of Plug and Play Philippines, emphasized the uniqueness of the program, particularly in addressing the services industry, and highlighted access to substantial funding from their global network. Plug and Play boasts a track record of implementing over 80 industry-themed accelerator programs worldwide, each lasting at least six months per batch of 20 startups. Notable successes from their past programs include companies like PayPal and Dropbox. According to DTI, Manila alone is home to over 1,000 startups, collectively valued at approximately USD 3.5 billion.