Camarines Sur Rep. Luis Ray Villafuerte on Sunday said three Cabinet-level departments may soon work on a fresh package of incentives for the development of innovative start-up businesses in support of President Rodrigo Duterte’s agenda for sustained high growth and financial inclusion.
Under the proposed Innovative Startup Act Villafuerte had authored, he said the Department of Science and Technology, Department of Information and Communications Technology and Department of Trade and Industry shall be tapped as the lead agencies to assess, monitor, develop and expand the proposed Philippine startup development program.
The proposed law, which was ratified by both houses of the Congress before the Feb. 9 to May 19 recess for this summer’s balloting, is now up for the President’s signature, he said.
He said the program is tasked under his proposal to develop and unify programs as well as the benefits and incentives for startups and startup enablers.
The DOST, DICT and DTI would each be provided with a startup grant fund for initial and supplemental grants-in-aid to startups and startup enablers, Villafuerte said.
A startup is defined under the proposed law as a registered business entity operating for no longer than 60 months in the country and whose core business function involves an innovative process, product or business model.
“The measure will benefit Filipinos with an innate talent for shaping contemporary ideas. It will also encourage the creation of new jobs and the exchange of technology, along with strengthening the entrepreneurial culture in the country,” Villafuerte said.
He lamented that the DTI and the newly formed and Anti-Red Tape Authority had failed to submit the EODB law’s implementing rules and eegulations to Malacañang the first time around in October last year.
He said this undue delay has set back efforts by the President to cut red tape and improve the Philippines’ competitiveness in attracting investors.