THE National Development Co. (NDC) has allocated P250 million for startup development in 2021, Trade Undersecretary Rafae2lita M. Aldaba said.
The startup development program will provide business incubation services, mentorship, industry matching, and international linkages, she said in an online event Tuesday.
The P250 million will constitute the agency’s matching grant fund, as authorized by the Innovative Startup Act or Republic Act No. 11337, which supports and provides incentives for startups and enablers.
“We are also collaborating with 500 startups, a recognized startup accelerator and global venture capital firm as we develop programs to foster the growth of startups and promote the digital transformation in the country,” Ms. Aldaba said.
The National Development Co. is a government-owned and controlled corporation that functions as an investment or financing arm.
Trade Secretary Ramon M. Lopez at the same event said that the startup development program facilitates the digital transformation of enterprises.
Separately, Mr. Lopez said that the department will launch an online platform for the production and distribution of personal protective equipment next month.
The Enhanced Manufacturing of Protective Wear and Equipment for COVID-19 Response project assembles manufacturers, buyers, beneficiaries, and consumers of medical and non-medical grade personal protective equipment in a single online platform. — Jenina P. Ibañez