THE government is targeting to generate up to P5 billion in investments from local and international investors to help Filipino startup companies further grow in the coming years, a Department of Science and Technology (DOST) official said.
“If we have to project another goal, let’s say for the next five years, I would say we are looking at something like P5 billion, that’s just the minimum… It’s nice to have these kinds of figures as a goal just for us to see if we are doing the right kinds of programs, putting up interventions,” said Enrico C. Paringit, executive director of the DOST- Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD) in a press briefing on Monday, November 11.
Republic Act No. 1137 or the Innovative Startup Act mandates the DOST, the Department of Information and Communications Technology (DICT), and the Department of Trade and Industry (DTI) to develop the Philippine Startup Development Program, which includes benefits and incentives for startups and startup enablers.
The same law also mandates the DOST to provide grant funding to startups in the country.
Data from the DOST-PCIEERD showed that P362.7 million was already invested to support 96 startups in the country, which created 3,560 jobs and gained over 11,000 users and subscribers.
“With these 96 startups we supported, they actually raised P219 million in investments and P843 million in revenue created,” said Paringit.
Meanwhile, the DTI said that further investments are needed by Filipino startups such as technologies being developed in-house, university-founded startups, and those being developed by technopreneurs.
The DTI has programs to help startups at any level to grow and expand on the international stage.
“The goal was to bring our local startups on the international stage. We actually have soft landing programs for them, going to Malaysia, Indonesia, and Singapore so our startups will be exposed to the ecosystems that we have right now,” said Karl Pacolor, division chief of DTI’s Innovation and Collaboration Division.
The DICT said that the Startup PH website, a one-stop shop site, was also developed for startups in the country.
“This is a major repository of all different startups, basically a one-stop shop for all startup-related ideas, information, even the things they need to do for their startup to really flourish,” said Jhino Llano, DICT assistant director. (GMA Integrated News)
