President Rodrigo Duterte has signed into law an act meant to provide benefits and programs to further develop startups and startup enablers in the Philippines.
President Duterte signed the “Innovative Startup Act” (RA 11337) on April 26 but a copy of the document was released to reporters on Thursday (July 18).
Under the law, Duterte recognizes the importance of creating new jobs and opportunities, improve production, and advance innovation and trade in the country through startups.
A startup refers to “any person or registered entity in the Philippines which aims to develop an innovative product, process or business model.”
“The State shall provide incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses, business crucial to their growth and expansion and to strengthen, promote and develop an ecosystem of business and government and non-government institutions that foster an innovative entrepreneurial culture in the Philippines,” the law read.
The law allows the creation of a Philippine Startup Development Program which is meant to support the research and development of startups and startup enablers in the Philippines.