At present, the Philippines is ranked sixth among startup ecosystems in Southeast Asia and 59th globally, according to StartupBlink.
Looking at Tech in Asia data, the Philippines saw a sharp rise in funding from 2020 to 2021 from US$180 million to US$863.7 million – a record high. While the country’s startups were hit by the investment slowdown in 2022, last year’s figure is still the second-highest amount of funding raised in the last five years.
The Philippines has produced several startups of note, such as its two unicorns: Mynt, which operates mobile wallet GCash, and Voyager Innovations, the firm behind payments platform Maya.
It’s also home to prominent names in the Web3 space, such as Yield Guild Games and Coins.ph, which was acquired first by Gojek in 2019 and then by former Binance CFO Wei Zhou in 2022.
Source: Tech in Asia