The National Development Company (NDC), the government’s investment arm under the Department of Trade and Industry (DTI), recently inked a series of agreements with an international venture capital firm to drive start-up innovation and investments in the country.
NDC General Manager Anton Mauricio underscored the importance of the agreement with Quest Ventures, noting that the venture capital firm’s “significant footprint” across Singapore and Asia brings “valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments.”
The MOU was signed in Manila between Anton Mauricio, General Manager of the NDC, and Ms. April Ong Vaño, Head of Environment, Social & Governance at Quest Ventures; and witnessed by Mr. Jerahmeel Chen, Chief Innovation Officer at iHub.
At a media briefing last Friday, NDC Assistant General Manager for Corporate Communications Group Leopoldo Acot explained that under the firm’s start-up venture fund, counterpart funding should transpire between NDC and a co-investment partner.
Jerahmeel Chen, Chief Innovation Center of NDC, explained further at the same briefing, “The challenge of SVF is we always have to have a coinvestment partner. Even if we want to invest in a start-up, we have to ask them to present to the accredited CIPs and then if one of them will invest then tsaka we will invest.”