MANILA, Philippines —PRRD is expected to sign a bill that will have new incentives for the development of startup businesses in the country.
The Departments of Science and Technology (DOST), Information and Communications Technology (DICT) and Trade and Industry (DTI) will be the following agencies to lead, assess, develop, and improve the proposed Philippine Startup Development Program under the measure.
Villafuerte said the DOST, DICT and DTI will each be granted with a startup grant fund for initial and supplemental grants-in-aid to startups and startup enablers.
The bill was approved by both houses of Congress before the 9th of February to the 19th of May to adjourn for the midterm elections and will be ready for Duterte’s signature.
Rep. Villafuerte said that the Philippine Startup Development Program will be under his proposal to assess and develop programs as well as the benefits and incentives for startups and startup enablers.
The said agencies will coordinate with the Board of Investments (BOI) in creating a development plan to come up with initiatives for short-, medium- and long-term strategies to push investments that will promote the growth and development of startup and startup enablers in the country.
In addition, a startup is defined under the proposed law as a registered business entity operating for almost less than 60 months in the country and whose main business function has an innovative process, product or business model.
Image source: The Philippine Daily Inquirer | newsinfo.inquirer.net
With additional reports from: Delon Porcalla | The Philippine Star