NDC expands startup fund to P450M
The Department of Trade and Industry’s investment arm, the National Development Co. (NDC), said its startup fund has been expanded to P450 million.
This is part of efforts to widen support for entrepreneurs that are looking to scale innovative businesses.
Leopoldo Acot, assistant general manager of NDC, told the Inquirer the beefed-up fund is available to startups across all sectors.
It will provide financing to qualified, innovative businesses with high growth potential.
The funding initiative is poised to gain further momentum with the rollout of additional support infrastructure aimed at nurturing early-stage enterprises.
Acot said this will be anchored by the newly launched innovation center in Marikina City, which is envisioned as a hub for collaboration, mentorship and capacity-building to help startups scale and sustain their operations.
“Once the Marikina [innovation hub] is fully up and running, it should provide a boost to funding opportunities in all sizes and shapes,” Acot said.
He added that they will also be providing upskilling programs.
Key milestone
The five-story Philippine Innovation Hub-Marikina Enterprise Center was officially launched last Tuesday.
This marked a key milestone in the government’s effort to foster innovation and entrepreneurship in the National Capital Region.
Acot earlier said that the funding for the facility totaled just under P100 million.
As the NDC aims to provide financial backing to a wide range of businesses, it emphasized that the fund is specifically open to startups based and registered in the Philippines.
Foreign-domiciled startups may be eligible if they have a Philippine-incorporated and registered subsidiary, with the investment directed toward the local entity.
The recipient must also be free of any pending obligations with other government agencies. They must also disclose all funding received from government agencies or government-owned and -controlled corporations.
Additionally, the beneficiary should have been in operation for at least one year.
