MAKATI CITY – The Department of Trade and Industry (DTI), in partnership with the Management Association of the Philippines (MAP), PwC Philippines, QBO Innovation Hub, and Foxmont Capital Partners, initiated a session highlighting government initiatives and expansion opportunities last 01 August 2023 at QBO Innovation Hub, Makati City. The session marked the second installment of the Scale Program, an initiative on building 15 resilient and sustainable tech startups.

DTI-Competitiveness Bureau (DTI-CB) Director Lilian G. Salonga formally welcomed the guests and expressed her utmost support for this endeavor. “This session will establish close collaboration between the government and industry to maximize available support and build an enabling environment for the Philippine startup and innovation ecosystem”, Director Salonga emphasized.

Mr. Aldie Garcia, Assurance Managing Partner of PwC Philippines and Chair of the MAP Tech Startup Committee, and Ms. Katrina Chan, Executive Director of QBO, both supported the event’s goal as they echoed the importance of bayanihan among the stakeholders in scaling up the startups.

The session featured a roster of distinguished speakers who engaged in insightful discussions on existing startup development programs, investment options, and scaling-up opportunities. DTI-CB Assistant Director Jo-Dann Darong encouraged the audience to continue trusting the government and added “We look forward to working hand-in-hand with our stakeholders.”

Focusing on equity funding, National Development Company Assistant General Manager Saturnino Mejia shared that the Startup Venture Fund (SVF) is targeting a sector-agnostic approach in delivering investment options for startups. “The implementation is being done with our five (5) accredited co-investment partners,” he announced.

Mr. Vichael Angelo Roaring, Commercial Counsellor of the Philippine Trade and Investment Center (PTIC) in Tel-Aviv, Israel, zoomed in on DTI’s globalization opportunities. “We want to leverage what Israel has to offer in terms of improving the capabilities of our local startups,” Mr. Roaring added.

Lastly, Asian Development Bank (ADB) Consultant Mr. Samuel Ang advised the startups to identify and establish their area of specialization before expanding to the global market. “Make sure you create your value proposition, adaptability, resilience, and global mindset,” he remarked

Following the success of this session, the DTI, along with its partners, progresses forward with a series of upcoming mentoring and networking events involving venture capitalists and other key startup stakeholders. ♦

Date of release: 02 August 2023

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