The Philippines’ richest firms are ramping up tech, startup investments. Here’s a roundup

Historically, the Philippines’ startup ecosystem hasn’t done as well as its Southeast Asian peers. Factors such as inadequate government support and a lack of venture capital investment have slowed its growth.

A 2017 report by research firm CB Insights shows that the Philippines received the least amount of outsourced funding among its neighbors, banking only US$18 million. In contrast, Singapore and Indonesia pocketed US$3 billion and US$2.9 billion, respectively, while Malaysia bagged US$352 million.

Metro Manila’s Fort Bonifacio district / Photo credit: Donsimon

But given some recent developments in the Philippine startup scene, could this trend shift soon?

Not only did the government sign a new law in April to help startups, but the country’s largest conglomerates are also picking up the pace. They’re increasingly adopting initiatives for digital transformation, funding tech startups, and partnering with industry disruptors.

Here are the most notable local firms arranged by net income:

Source: 2018 company annual reports

SM Investments Corporation

SM Investments is the country’s largest conglomerate by market capitalization. It has interests in several industries, with the biggest stakes in banking, real estate, and retail, where SM has a history dating back to the 1950s.

Ayala Corporation

First Pacific Company Limited

JG Summit

Aboitiz Group of Companies