The House of Representatives is set to take up House Bill No. 3057 or the Innovative Startup Act which seeks to improve the existing startup ecosystem in order to encourage the long term growth of such businesses.
Rep. Victor A. Yap (2nd District, Tarlac), the author of HB 3057, said the proposed legislation will encourage investment, bring innovation, create jobs and build a more vibrant entrepreneurial ecosystem in the country.
?By ensuring that startups are supported at every point of national development, we can create a thriving Filipino startup ecosystem that is geared towards high value products and services,? said Yap.
Yap also highlighted the importance of small businesses as the employment engine of the economy, stating that they are the primary source of job creation and contribute to economic dynamism by injecting competition and spurring innovation.
If enacted, the government will provide grants to startups whose core business function involves product, process, or business model innovation. The Department of Trade and Industry will be the agency responsible for issuance of certification to startups as well as the processing of application for grants.
The bill also provides for a P1-billion Innovative Startup Venture Fund, which shall be administered by the Department of Science and Technology, to cover for initial or supplemental investment requirements of certified startups.
Additionally, it will create a startup visa program to allow foreigners to work in Filipino startups and to participate in setting up startups here.
?The government supporting startups will create a thriving Filipino startup ecosystem which is geared at high value products and services, which will provide employment and generate economic growth,? said Yap.