Manila Drops Out of the Top 100 Emerging Startup Ecosystems for the First Time in Years
Manila dropped out of Startup Genome's Top 100 Emerging Startup Ecosystems entirely in the 2026 Global Startup Ecosystem Report after ranking in the 61-70 bracket just last year.
by JV Ordoñez
Published on Jun 18, 2026
Manila is slowly positioning itself as one of the most relevant investor places in Asia right now. However, Startup Genome's yearly Global Startup Ecosystem Report released at VivaTech Paris this year doesn't even rank Manila at all.
The Southeast Asian city didn't qualify for the Top 100 Emerging Ecosystems as it did not meet the threshold for Asia's regional rankings either, which requires placement in the Top 40 Global Leaders, the Top 200 Emerging Ecosystems, or an ecosystem value exceeding $200 million
While Startup Genome did not elaborate on Manila's absence in the ranking, regional neighbors such as Bangkok, Ho Chi Minh, and Jakarta are still on the list and making it among burgeoning environments for startups.
"The ecosystems that are pulling ahead are those able to mobilize capital at scale, integrate Frontier Technologies, and align public and private actors around strategic priorities," it reads. "Others face a growing risk of experiencing the disruptive effects of technological change without capturing its economic benefits," according to the report.
To give you a bit of background, Manila earlier ranked 91-100 in 2023, moved up 81-90 a year later, and most recently jumped 20 spots to the 61-70 bracket to buck global trends. This was accredited by Startup Genome to strong showings in fintech, artificial intelligence, and sustainability.
In a broader context, Mumbai topped the list of emerging ecosystems after a record run in ecosystem value, as Istanbul and Madrid trail it, respectively, in second and third.
Jakarta dropped more than 10 spots to number 16 as the most significant decline in the top 20, and Kuala Lumpur slipped more than 15 positions to the 31-40 range "despite remaining a key Southeast Asian startup hub."
This year around, Startup Genome considered the global startup ecosystem as being reshaped by the rise of AI, external geopolitical conditions, and an expansion in the role of the state.
That translates to doubling the weight of the AI-native cluster factor from 5 to 10 percent of the total score for the Top 100 Emerging Ecosystems ranking.
"We've expanded that factor further this year, raising its ranking weight from 5% to 10% and introducing it to the Top 100 Emerging Ecosystems ranking," Startup Genome said.
"The global startup ecosystem is being reshaped by the rise of artificial intelligence, the growing influence of geopolitics, and a marked expansion in the role of the state."
So in simpler terms, Manila seems to have a dearth in meaningful density in AI-native startups to make the cut among its global peers.
"The ecosystems that are pulling ahead are those able to mobilize capital at scale, integrate Frontier Technologies, and align public and private actors around strategic priorities. Others face a growing risk of experiencing the disruptive effects of technological change without capturing its economic benefits," the report showed
Last year's report showed Manila's growth in the startup space as it generated about $6.3 billion in ecosystem value from mid-2022 through end-2024, a 35 percent compound annual growth rate. That is roughly 1,200 startups, 65 incubators and accelerators, and $2.4 billion in total venture capital funding from 2020 to 2024, with Philippine startup funding hitting a record high of $1.12 billion that year.
2025 was when funding flowed as Philippine startups raised around $120 million in equity funding for the year, which was well behind Indonesia, Vietnam, Malaysia, and Singapore. A standout anchor is GCash parent Mynt, being valued at $4.1 billion, but the local ecosystem is still thin on the AI-native, late-stage activity that is being weighed more heavily.
You can read the full report here.
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