From 57th place just last year, the Philippines has seen itself fall two notches in the Global Startup Ecosystem Index to 59th place in 2023.
Compiled by Startupblink, a global startup ecosystem map and research center, the index highlights the latest research on the global startup economy and displays 100 countries and 1000 cities in their respective rankings.
Five Philippine cities remained on the list, four of which have managed to take a step up in the rankings. Within the Southeast Asian region, the Philippines sits in sixth place, trailed by Vietnam.
Despite insinuations of a weaker status resulting in a drop in the ranking, there is still optimism concerning the country, citing progress that is propelling the country to become a more formidable startup system within the Asia-Pacific region.
Per the report, the positive prospect appears to boil down to the Philippines’ largely English-literate population, a substantial portion of which is already employed by international companies.
In addition, the combination of appeal to foreign business people and nomads and large know-how acquired by working with international entities was also credited for fueling successful growth in the ecosystem. But this notion comes with the caveat that the local people will embrace entrepreneurship.
The government, meanwhile, seems to be a factor in the belief as well, as it is being credited for placing dozens of programs aimed at encouraging business among people. Namely, the P3 Program and QBO Innovation Hub.
Even the country’s biggest working chain, KMC, appears to be in the overall picture, too.