Last week, Nov. 22, key stakeholders of Republic Act No. 1137 (or the Innovative Startup Act) came together at Crowne Plaza to cap off the first Philippine Startup Week with a signing of the act’s Implementing Rules and Regulations.
The signing was led by representatives from the act’s three host agencies: Sec. Fortunato dela Peña from the Department of Science and Technology (DOST), Sec. Ramon Lopez from the Department of Trade and Industry (DTI), and Sec. Gregorio Honasan II from the Department of Information and Communications Technology (DICT). Butch Meily, president of partner organization QBO Innovation Hub, was also present.
The Innovative Startup Act Law, which was signed last April 26 by President Rodrigo Roa Duterte, aims to foster an innovative entrepreneurial culture in the Philippines by encouraging the operation and establishment of innovative new businesses.
This will be done in two ways: first, by providing benefits and incentives to startups and startup enablers; and second, by removing constraints to their growth and development.
Among the programs under the act are the organization of startups into Philippine Startup Ecozones by the three host agencies and local government units; provision of subsidies for business registration application costs; and the establishment of a Startup Grant Fund and Startup Venture Fund for startups and venture capital firms, respectively.
Through these efforts, the government hopes to provide a special boost not only to the economy but also to the country’s new generation of entrepreneurs.
“This is a manifestation of our president’s commitment to really level up the production of goods and services being provided, and really creating more innovation and solutions to problems,” said Sec. Lopez. “[It’s also] encouraging the youth to adopt such mindset: the can-do, winning attitude of the Filipinos.”