The Philippine government is allocating an initial 150 million pesos ($2.5 million) to finance promising startups while property unicorn Revolution Precrafted is in the news again after sealing a development deal with a listed company.
DTI eyes $2.5 million venture fund for PH startups
The Department of Trade and Industry (DTI) of the Philippines is looking at allocating an initial 150 million pesos ($2.5 million) to set up a venture fund that will match investments by selected investors in the country’s promising startups, the Philippine News Agency has reported.
The amount is half of the projected 250 million pesos that DTI is targeting to finance and help scale up the first batch of 50 startups that will be chosen by the government’s investment arm, the National Development Company.
DTI Secretary Ramon Lopez announced the proposed allocation following the completion of the implementing rules and regulations (IRR) for Republic Act No 11337, also known as the Innovation Startup Act. The law offers programs, benefits, and incentives for both startups and enablers.
Aside from the investment fund, which will be open to venture capitalists, the government is also providing startups with an accelerator program, training, and mentorship to connect them to the global market, Lopez was quoted as saying.
Revolution Precrafted seals residential project deal in Puerto Azul
Philippine-based property unicorn Revolution Precrafted has partnered with publicly-listed Boulevard Holdings Inc to develop a new resort and residential complex in Puerto Azul Resort and Golf Club, according to the firm’s founder and CEO Robbie Antonio.
The deal covers the development and sale of an integrated resort-residential project covering a 13-hectare property inside the famous Puerto Azul complex in the Philippine province of Cavite.
Initially named Rogue Resorts and Residences, an initial 3.4 hectare will be developed as part of the first phase. It will feature a total of 783 luxurious condominium units, cluster homes, villas, and curated units. Antonio said the first phase alone will yield at least 3.4 billion pesos ($67 million) in revenues.
The first phase will be developed in the next two years, while the remaining 9 hectares will be developed in the next 5 years depending on market demand, he added.
Revolution Precrafted, a provider of prefabricated properties, was on an aggressive dealmaking spree last year, bagging contracts worth over $7 billion in different international markets.