The Department of Information and Communications Technology (DITC) has inked a memorandum of understanding (MOU) with DFNN Group of Companies, and Plug and Play Tech Center, to harness the power of startups in the Philippines.
The MOU was signed by DICT Secretary Ivan John Uy, Jojo Flores of Plug and Play Tech Center, and Ricky Banaag of DFNN Group of Companies during the recently concluded 6th Geeks On A Beach held at Panglao Island, Bohol.
“This initiative powered by Plug & Play sets out to come up with forward-looking strategies to harness the power of startups, injecting new ideas and creativity into the startup industry as well as prompt the growth of an intellectually-based economy,” said Flores.
According to Flores, the MOU is seen to accelerate the growth of the startup community in the Philippines, taking a bigger chunk of the US$3.5 billion tech/startup industry.
“We need to protect our interests where we build the products of technology and artificial intelligence (AI) by bringing everyone to build these new tech industries to protect our local industries as well, in terms of the tech/BPO industry, electronics assembly, and the like,” Flores added.
The MOU which signifies the strong collaboration of various public and private sector initiatives, is aimed at supporting the startup industry, thereby fueling the nation’s employment, bolstering foreign exchange reserves, and technological innovation that can push forward the overall economic expansion of the Philippines.
According to the MOU, stakeholders together with the government shall establish the Horizon Philippines program to catalyze the creation of new intellectual property assets that will contribute to the growth of an IP-based economy.
This approach will not only help diversify the economic landscape but will also position the country to thrive in an increasingly knowledge-driven and competitive global economy, the agreement reads.
He further said that by creating and building local tech products, the country can also use the same products to resell to other countries. The whole idea is to leverage the service industry and create and sell these to the world market.
At present, about 100 startups are making new products for the Information, Communication Technology (ICT) industry.
“Money and funds are in the private sector. Startup support funds from the private sector over the last three years raised a billion dollars from global investors and 90 percent of that is Foreign Direct Investments (FDIs). Let’s help shape our nation’s startup growth and development,” Flores noted.
Plug and Play Tech Center provides venture capital investment services. The company specializes in technological venture capital advancement by connecting blue chip corporations in industry trends as well as provide consulting services.
DFNN, Inc. is a Philippines-based information technology (IT) solutions provider and systems integrator. The Company is engaged in the provision of information technology services to financial institutions and gaming companies. It develops, operates, and maintains Web-based and wireless applications for major corporate customers with strength in solutions for financial institutions and gaming companies and provides proprietary order routing software technology and Web-advertising services to stock brokerage firms. Through its subsidiaries and affiliates, the Company also possesses licenses for electronic gaming machines (EGMs), a sports betting exchange, and digital and pari-mutuel games with the Philippine Amusement and Gaming Corporation (PAGCOR).