250 million-peso fund for job creation among local startups

Updated: Jan 14

PHILIPPINES: A new PHP 250 million (USD5 million) venture fund aims to incentivise local startups to create more high-value jobs in the Philippines. The programme has recently been set up by the Department of Trade and Industry (DTI) in partnership with the National Development Corporation.

Luzon region politician Luis Ray Villafuerte said that investing in startups was an effective way to promote innovation among micro, small, and medium enterprises (MSMEs) which in turn supports the path towards economic recovery.

“If MSMEs already had a hard time during this pandemic, what more startup firms that have yet to venture into business? This is why we welcome the DTI’s programme to provide assistance to startups which will, in turn, embolden them to set up new businesses that will create more jobs,” he said.

The launch of the startup fund is considered timely in the wake of recent reports that about 10% MSMEs in Metro Manila alone have permanently closed down due to the Covid-19 pandemic.

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