DOF Secretary Go Welcomes Foxmont’s PHP 4-Billion Plan to Back Philippine Startups
In a news release by the Department of Finance through the PIA recently, Finance Secretary Frederick D. Go has welcomed Foxmont Capital Partners’ plan to invest up to PHP 4 billion in the Philippine startup ecosystem, citing the move as a strong signal of investor confidence and continued momentum for innovation-led growth. The investment plan was discussed during a meeting held last week.
The proposed funding is expected to help speed up innovation, improve access to capital, and reinforce the country’s growing startup ecosystem. Officials said this could translate into more jobs and wider economic opportunities for Filipinos.
“Foxmont’s continued engagement with Philippine startups reflects strong confidence in the country’s long-term fundamentals and policies. Their investment will help our startups scale, strengthen Filipino talent, foster innovation, and build agile enterprises that deliver more accessible products and services to Filipinos,” Secretary Frederick Go said.
Secretary Go and Foxmont executives also discussed ways to further encourage foreign direct investment into the Philippines during the same meeting.
Foxmont is a Philippines-focused venture capital firm that invests in high-growth, technology-enabled startups. Its expansion plans come as the local startup ecosystem attracted USD 1.5 billion in private capital last year, a 34% increase from the previous record of USD 1.12 billion.
The firm said it intends to deepen its footprint in the Philippines by supporting companies that respond to real market needs while contributing to inclusive economic growth.
“Foxmont’s planned investments into the Philippines reflect our continued conviction in Philippine companies that can drive productivity, scale efficiently, and compete in higher-value sectors. We see strong opportunities to work alongside partners across government and the broader ecosystem to deepen private capital’s impact on the economy,” said Foxmont Managing Partner Franco Varona.
Since 2018, Foxmont has raised and deployed two funds, investing more than PHP 1 billion across a portfolio of Philippine startups in fintech, e-commerce, and digital platforms. The firm is currently raising its third fund.
Data from Foxmont’s 2026 Philippine Private Capital Report show that private capital investments account for around 0.3% of the country’s annual gross domestic product (GDP), with continued growth pointing to the Philippines’ potential to emerge as a leading global economy.
The Department of Finance (DOF) said it remains committed to supporting Foxmont’s investment plans, emphasizing its role in expanding the Philippine startup ecosystem and generating more jobs and economic opportunities for Filipinos.
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