Philippines targets 500 domestic tech start-ups by 2020

This target is set out in the Philippine Roadmap for Digital Startups, released by the Department of Science and Technology - Information and Communications Technology Office (DOST-ICT). It also wants to create 8,500 high-skilled jobs and 1,250 start-up founders, and to attract more than 15 million users and over 719,000 paying customers.

The roadmap was announced at the Geeks on a Beach start-up conference held in Boracay. It is the product of contributions from the likes of the Philippine Software Industry Association (PSIA), Philippine Development Foundation, Kickstart, Ideaspace, and TechTalks.ph, as well as DOST-ICT.

"This roadmap aims to develop a coherent and consistent strategic plan for the country's innovative ecosystem, engaging members of both public and private sectors. Ultimately, our goal is to generate start-ups that drive economic growth and provide solutions to our society's most pervasive issues," Monchito Ibrahim, eInnovation deputy executive director at DOST-ICT, said in a statement.

No local start-up has achieved a valuation in excess of $50 million, although the statement identified Sulit.com.ph (now known as OLX.ph), Chikka, Airborne Access, Netbooster, Xurpas, iRemit and Morphlabs as success stories. DOST-ICT estimates there are at least 100 tech start-ups operating locally, supported by around 20 accelerators, incubators, and venture capitalists.

It is hoped that the country can leverage its rapid economic growth, young and tech-savvy population, low operating costs, English language proficiency and minimal business competition.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Technology
• Venture
• Southeast Asia
• Early-stage
• Venture
• seed
• Southeast Asia
• Philippines
• Technology
• TMT