BIZ BUZZ: More PH innovation hubs

After setting up the country’s first two innovation hubs in Singapore a few months ago, the Department of Trade and Industry’s (DTI) investment arm has done it again with a third one opening in Hong Kong.

Undersecretary Antonilo Mauricio, the general manager of the National Development Co. (NDC), told Biz Buzz that one of the world’s leading global venture accelerators, Brinc, has allocated a space for what they call “iHubs.”

“The iHubs abroad provide an official government linkage to the innovation and startup ecosystem in the Philippines, not only for investment and tech transfer, but also for tapping our young tech-savvy workforce, our large consumer market and our extensive overseas Filipino network,” Mauricio said.

“The Philippine Innovation Hub offices in global financial capitals like Singapore and Hong Kong serve as a catalyst for global investment into the country,” he added.

The iHub in Singapore is set to open in the first quarter of 2025, Mauricio said further.

Last September, the NDC signed two separate memorandums of understanding with the Singapore Management University and the Murdoch University to host their iHubs.

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The NDC official said that they will set up these iHubs next in Australia and Malaysia.

Cheers to more of these iHubs so the Philippines can have more unicorn startups.