The Philippine startup ecosystem is poised to enjoy a much-needed boost with the ratification by the House of Representatives of the bicameral conference committee report on the “Innovative Startup Act” proposals of the House and the Senate.
The bicam report reconciled House Bill 8862 authored by Rep. Luis Raymund Villafuerte of Camarines Sur; and Senate Bill 1532 by Senator Paolo Benigno Aquino.
The bills propose the Innovative Startup Act which seeks to grant incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses and businesses crucial to growth and expansion.
The Act aims to strengthen, promote, and develop an ecosystem of businesses and non-government institutions that foster an innovative entrepreneurial culture in the Philippines.
It provides for the establishment of the Philippine Startup Development Program that will develop and unify programs, benefits, and incentives for startups and startup enablers. The program will be spearheaded by national agencies and non-government organizations.
The Department of Science and Technology, Department of Information and Communications Technology, and Department of Trade and Industry are tapped as the lead agencies to assess, monitor, develop, and expand the Philippine Startup Development Program.
To this end, the three agencies shall consult with government and non-government organizations to set the key metrics to track the impact and development of the program.
Meanwhile, the DTI shall promulgate the rules for the efficient registration and assessment of startup enablers to be registered under the program.