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Collin Furtado · · 1 min readThe Philippines plans to launch $5m venture fund for local startups this year
“The Department of Trade and Industry (DTI) of the Philippines is targeting to launch a 250 million peso (US$5.1 million) venture fund this year to finance the establishment and expansion of local startups,” reported Business Mirror.
Details:
- The venture fund will support product research and development, manufacturing, as well as the sales and promotion of startups in the country.
- The ticket size may range from 5 million pesos (US$100,000) to 25 million pesos (US$500,000), which would mean that around five to 10 startups will receive funding.
Context:
- DTI, along with the Department of Science and Technology and the Department of Information and Communications Technology will create a committee to oversee the entire process.
- The creation of the fund will be in line with the country’s Innovative Startup Act that came into force in 2019.
Currency converted from Philippine peso to US dollar: US$1 = 48.61 peso
Editing by Jaclyn Tiu
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