Monozca Foundation, an organization based in Singapore, will establish an incubator facility for small and medium enterprises (SMEs) in the Philippines. The 'Cocoon SME Global Hub' will be located within Alabang's Filinvest Corporate City, according to PhilStar.

Foundation chairman Paul Monozca explained the need for such a facility: "We therefore need a facility which can guide our small and medium enterprises from various industries to go global, mentored by the best minds in our generation and most of all, assist them to grow their businesses without eating up their ownership of their companies."

The Cocoon SME will be the largest SME incubator in Asia. It was launched to provide an office and retail space for businesses. In addition to that, the incubator will assist the companies in its branding, marketing, distribution, and expansion services, the report detailed.

The foundation will choose only 200 companies from the country. The choices will be filtered according to product, services, and international demand for the firm, PhilStar reported.