Camarines Sur Rep. Luis Ray Villafuerte on Sunday welcomed the move by the Department of Trade and Industry in teaming up with the National Development Co. (NDC) to roll out a P250-million fund for startups to provide them the incentive to innovate and help the country accelerate its shift to new high-value enterprises.
“If micro, small and medium enterprises (MSMEs) already had a hard time during this pandemic, what more startup firms which have yet to venture into business?” he asked.
“This is why we welcome the DTI’s program to provide assistance to startups, which will in turn embolden to innovate and set up new businesses that will create more jobs,” he said.
The DTI earlier said it successfully launched with the NDC and the QBO Innovation Hub the startup venture fund last Nov. 19.
This year, the NDC has allocated a P250-million or $5-million venture fund for innovative Philippine startups.
Villafuerte said that investing in startups is an effective way to promote innovation among micro, small and medium enterprises (MSMEs).
The launch of the startup fund is timely in the wake of recent reports that about 10 percent or 100,000 MSMEs in Metro Manila alone have permanently closed down because of the COVID-19 pandemic.
Villafuerte is one of the principal authors of the Innovative Startup Act or Republic Act No. 11337 that aims to provide benefits and programs to strengthen, promote and develop the Philippine startup ecosystem