The Philippine Startup Ecosystem Report: Founders Edition 2023, which was funded by the venture capital firm Gobi-Core Philippine Fund, revealed that the majority of Filipino startup companies believe that the Philippine government is not providing them with adequate support.

According to the report, 57% of the startup founders believed that the Philippines “greatly lacks” opportunities for funding, while 74% of them think that the country “greatly lacks in government support.”

The report, which is co-presented by Alibaba Global Initiatives, gives an insight into the startup landscape in the Philippines based on the results of the survey conducted with different startup founders.

More than the lack of funding coming from both the public and private sectors, the founders have also pointed out the “difficulties vaulting regulatory hurdles, suggesting that addressing these would take government coordination, regulatory clarity, and a more supportive environment for startups,” the report reads.

The founders also noted how the education system is still not “fully align” with the requirements of the startup industry as it lacks learning opportunities.

On the upside, startups have used all the difficulties they’ve experienced to become creative in raising money and in their operations. However, that means that many of them decided to incorporate overseas, with 51% of them moving due to better regulations while 26% did it with the hope of securing funding.

Still, a lot of startups are still finding the ways and means to make their business work locally as they believe that “the Philippines both deserves and is capable of building a dynamic startup ecosystem.”

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