In a significant move to bolster the local startup ecosystem, the Department of Trade and Industry (DTI) revealed that the Philippine Startup Venture Fund (SVF) now stands at about P8 billion (around $143 million). The fund signifies the capital available for investment in promising startup businesses.

During the SVF Investment Committee’s community mixer event, five accredited co-investment partners and eight startups participated, promoting collaboration and growth in the industry. The co-investment partners include Gobi-Core PH Fund, ICCP SBI Venture Partners, Real Tech Holdings, Foxmont Capital Partners, and IdeaSpace Foundation.

Antonilo Mauricio, National Development Corp. (NDC) general manager and SVF investment committee chair, emphasized the importance of the partners in shepherding and propelling the startups. The NDC, as DTI’s investment branch, has allocated P500 million for equity financing, with an additional P2 billion earmarked for capital financing within the P8-billion startup ecosystem.

Another P500 million for equity financing has been provided by the Small Business Corp., DTI’s micro-financing arm. Furthermore, private investors have committed P300 million towards this year’s P1-billion goal, and microlenders have agreed to allocate an additional P4 billion.

Mauricio noted that the microloans are aimed at supporting stakeholders, such as entrepreneurs, employees, farmers, and fisherfolk.

The DTI has been intensively advocating for the startup ecosystem in the country, with a recent focus on local creative enterprises. Last week, Trade Secretary Alfredo Pascual announced plans to establish a Creative Venture Fund, among other financial support mechanisms, to assist local creatives in maintaining and growing their operations

Pascual reaffirmed the importance of the creative economy to the DTI’s industrialization agenda, driven by innovation, technology, and science. “We at DTI endeavor to uplift the skills of Filipino artists and the quality of their outputs to be able to compete in the larger international market,” Pascual stated.

Source:  AsiaTechDaily