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JG Summit to pump $50m into Southeast Asian startups

Move follows Ayala Corp. $150 million venture fund

JG Summit chief executive Lance Gokongwei wants his Philippine conglomerate to focus on a few high value big bets. (Photo by Lester Babiera)

MANILA -- Philippine conglomerate JG Summit Holdings announced the establishment on Friday of a $50 million fund to invest tech startups across Southeast Asia to "augment or disrupt" its own businesses.

"Digital is a key pillar to JG's future," JG Summit chief executive Lance Gokongwei said in a statement. "There is no shortage of ideas in the digital space, so we must focus on a few big bets that generate the most value."

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