DTI encourages venture capitalists to invest in local startups as the country continues to improve its global innovation index.
On the 2015 assessment of the World Intellectual Property Organization (WIPO), the Philippines climbed 17 notches and now ranks 83rd from its 100th ranking in terms of global innovation index.
According to the digital startup roadmap, the country is expecting 500 startups with a total funding of $200 million by year 2020. It can have a cumulative valuation of $2 billion.
Furthermore, the development of an innovation ecosystem will also address the government’s agenda of inclusive growth through job creation. By 2020, the Philippine startup and innovation community aims to create 8,500 high skilled jobs for Filipinos.