Ecosystem Stories: Gobi-Core, the new wave of PH Innovation

Nov 25, 2025

The Filipino Startup Ecosystem Mapping by StellarPH shows us the big picture, but behind every name on the map are stories of people, research, and insight shaping the country’s future.

This time, we sat down with Gobi-Core Philippine Fund, one of the most active early-stage investors in the country, and the team behind the newly released Philippine Startup Ecosystem Report: The Next Wave of Innovation.

Before diving into the findings, it’s important to understand who they are:
Gobi-Core is a joint venture between Jason Gaisano, Ken Ngo, and Carlo Chen-Delantar together with Gobi Partners, a regional VC powerhouse. Since 2018, they’ve been investing in Filipino founders building technology and technology-enabled businesses, backing names like Tier One Entertainment, Kumu, Etaily, and CloudEats.

Their footprint extends across Asia, and in 2023 they became the first Co-Investment Partner of the Philippine government’s Startup Venture Fund, a major milestone for the ecosystem.

With their new report out, we asked them the questions founders want answers to.

What’s changing in PH innovation?

To Gobi-Core, the Philippines is entering an Intelligent Era, a period where AI is becoming a core operating layer for startups, not just an optional enhancement. Young founders, especially Gen Z and Gen Alpha, are already building AI-native tools and applications, accelerating this shift.

If the last decade was about going digital, this decade is about productivity, creativity, and transformation.
With almost 80 million Filipinos online and startups contributing about 3% of GDP, the environment is ready for higher-value innovation. This new wave will reward founders who can adapt quickly and investors who can identify teams ready to lead.

What’s the real funding picture?

2024 saw a sharp cooling in funding, but Gobi-Core is clear: capital didn’t vanish, it evolved.

Funding is now:

More selective
More thesis-driven
More focused on profitability and unit economics

Globally, attention has shifted to AI. Locally, the Philippines still trails ASEAN peers in public startup support. Singapore’s ecosystem is valued at US$144B; Manila’s sits at US$6.3B.

To thrive, founders need to bridge infrastructure gaps, align with policy direction, and show unmistakable market demand. Lessons from Vietnam’s speed and Malaysia’s policy strength are increasingly relevant.

How inclusive is the ecosystem?

One of the most striking findings from the report: 49% of surveyed founders identify as women, a rare level of gender parity in the region.

Gobi-Core attributes this to the Philippines’ long-standing cultural inclusivity and matriarchal influence. But representation alone isn’t enough. The challenge now is ensuring equal access to capital through mentorship, visibility, and data-driven evaluation that recognizes diverse leadership.

Are regions outside Manila becoming true hubs?

Yes, and rapidly.

Cebu, Iloilo, and Davao are emerging as credible innovation centers, backed by strong communities, active LGUs, and universities embracing collaboration. Gobi-Core is seeing more pilots, faster tech adoption, and founders expanding beyond Manila earlier in their journey.

The momentum signals a mindset shift: innovation can be built anywhere talent, support, and community converge.

What sectors could break out next?

FinTech and e-commerce remain strong, but Gobi-Core highlights several rising sectors:

Circular economy
Health tech
Climate and sustainability
Logistics and tourism
AI-native companies

These emerging categories are positioned to deliver the next wave of big wins as digital infrastructure and talent deepen.

What policy reform would matter most?

If Gobi-Core could recommend one high-impact reform today, it would be a government-anchored Startup Fund of Funds, a mechanism that deepens local capital formation and anchors long-term investor confidence.

Additional reforms, like startup visas and targeted tax adjustments, would strengthen talent mobility and improve competitiveness across ASEAN.

What do early-stage founders need to show?

For founders raising pre-seed or seed in 2025–2026, Gobi-Core looks for three non-negotiables:

Scalability with a real path to profitability
Strong unit economics and a sound business model
A regional mindset, the ability to compete beyond the Philippines

Founders must pair operational discipline with a clear long-term vision aligned with the Intelligent Era.

Where is the ecosystem headed by 2030?

If progress continues, Gobi-Core sees the Philippines becoming a mature and globally recognized startup ecosystem by 2030, marked by more exits, more homegrown investors, and deeper government participation.

Startups scaling across ASEAN and competing regionally could help the Philippines shift from an emerging player to a decisive force in innovation.
With the ecosystem already supporting around 200,000 jobs, the next five years will be defining.