Driving Innovation: Highlights from the 1st TW-PH International Tech Summit

The 1st International Tech Summit between Taiwan and the Philippines, jointly hosted by IMMORTA Corporation and the Taiwan National Development Council, was recently concluded on 25 April 2024 at the Shangri-la The Fort, Manila. The event aimed to foster collaboration and innovation between the two countries.

During the Summit, Dr. Leonila T. Baluyut, Assistant Secretary of the Department of Trade and Industry-Competitiveness and Innovation Group (DTI-CIG), presented on “Enabling the Philippine Startup and Innovation Ecosystem.” She highlighted the Philippines’ notable achievements, including its ranking as the 5th in the Global Innovation Index among ASEAN member states and its contribution of 2% to the total startup equity funding raised in Southeast Asia in 2023.

Dr. Baluyut emphasized the Philippines’ strengths, such as its young and skilled tech talent pool, with a median age of 25.7 years and approximately 800,000 graduates annually across various disciplines. She also outlined the government’s support for startups through legislation like the Innovative Startup Act, the Philippine Innovation Act, the Ease of Doing Business Act, the Foreign Investments Act, and the CREATE law, which provides tax incentives for digital and innovative businesses.

Moreover, Dr. Baluyut highlighted the establishment of Regional Innovation Ecosystems in the country to advance inclusive innovation and entrepreneurship across the country. Attesting that the Philippine government is dedicated to building a robust startup ecosystem through various programs and initiatives that cater to startups’ needs at every stage of development.

The Summit included a series of Startups presentations showcasing their innovation initiatives; and followed by a one-on-one B2B Business Matchmaking Session the next day at the Common Ground Rockwell Center, Makati. Key organizations such as the Philippine Chamber of Commerce and Industry, the National Development Company (NDC), and the Taiwan Government endorsed the event, further solidifying its significance in fostering bilateral partnerships and collaborations in the tech and startup sectors. JVL

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