Philippines-based start-ups remain small relative to their counterparts around the world but authorities are optimistic that with the right boost, these companies will eventually grow and contribute to the domestic output.
Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan, in an interview after the 2025 Presidential Filipinnovation Awards, said the 15 winners of the first innovation awards of the government already got a boost through their cash awards that amounts to a few hundred thousand to over a million pesos as well as the recognition of their business plans.
He said innovation is the key to ensuring the sustainability of businesses.
While Philippine start-ups or newly formed companies targeted to have a saleable business model remain relatively small, Balisacan said the government is firm on helping them become unicorns, or those that have a valuation of USD1 billion and above and have a global market.
“Yun ang gusto nating mangyari sa mga start-ups natin (That’s what we want to happen to our start-ups). They would be able to access capital. They would be able to develop a network with other start-ups, venture capitalists, (and) funders. Yun ang dapat na maitutulong natin (That’s what we should be able to help with),” he said.
Department of Information and Communications Technology (DICT) Secretary Henry Aguda, in his closing speech during the event, challenged the winners to become unicorns and even do an initial public offering (IPO) after three years of profitability.
He said DEPDev has provided the winners mentorship and recognition, and DICT will, in turn, help them have market access through the use of the procurement law.
He said the businesses will be provided with artificial intelligence-based solutions that can be used for their operations, which are focused on several sectors such as agriculture, health and environment.
“Sa dami pong kailangang i-automate sa gobyerno at sa polisiya po ng President na tangkilikin ang gawa sa atin dapat po meron kayong access sa market (With the need to automate a lot of government processes as well as the policy of the President to prioritize locally-made products, you should have market access),” he said.
He vowed to help the business on “how to deal properly, how you can pass the qualification, and hopefully win a contact in government.”
“Panahon na para mag-invest tayo sa (It’s time to invest in) Filipino innovators,” he said. (PNA)