PH Digest: Govt eyes $2.5m venture fund, Revolution Precrafted seals deal

The Philippines. Photo by REY MELVIN CARAAN on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.