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Duterte signs Innovative Startup Act

By: - Reporter / @NCorralesINQ
/ 11:52 AM July 18, 2019

MANILA, Philippines — President Rodrigo Duterte has signed the Innovative Startup Act, which would “support the research and development of startups and startup enablers in the Philippines.”

Duterte signed the law on April 26 but it was released only to the media on Thursday.

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The new law aims to “support and promote the access to startup development programs” in the Philippines.

It also aims to “support the development and growth of enterprises whose innovative product, service, or business model is integral to creating a competitive startup community in the Philippines.”

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The law also created the Philippine Startup Development Program or simply referred to as the “Program.”

“The Program shall be composed of programs, benefits, and incentives for startups and startup enablers promulgated through the respective mandates of national government agencies and through additional mandates provided by the provisions of this Act,” the new law states.

“The Program shall also include programs, benefits and incentives for startup and startup enablers extended by NGO’s  in partnership with national government agency,” it added.

The law also mandates the Department of Science and Technology, the Department of Information and Communications Technology, and the Department of Trade and Industry to be the lead agencies  “to assess, monitor, develop and expand the Program.” /muf

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TAGS: Business, development, Innovative Startup Act, Local news, Philippines, President, Research, Rodrigo Duterte
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