The Department of Trade and Industry (DTI) is pushing a P300-million budget for the implementation next year of a new law providing incentives to registered startup companies, as it hopes to release its implementing rules and regulations (IRR) within this month.
DTI undersecretary Rafaelita Aldaba said under Republic Act No. 11337, or the Innovative Startup Act, the agency will prioritize programs that will address the “pain points” of startups.
“Their difficulties in getting funds or mentoring and training that would be needed, marketing. We will (also) continue the(ir) participation in global activities,” she told reporters Thursday on the sidelines of local startup event.
RA 11337 was signed last April providing benefits and programs to further develop startups and startup enablers in the country.
A startup refers to “any person or registered entity in the Philippines which aims to develop an innovative product, process or business model.”
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.
The Department of Science and Technology, the Department of Information and Communications Technology, and DTI will be the lead agencies to assess, monitor, develop and expand the program.
“[We are adding in the IRR] the coordination mechanism that we are setting up. That way, we will be able to really ensure that the agencies would collaborate and work together, align the programs and goals towards the achievement of the objectives of the IRR so I think that really very important,” Aldaba said.
She said they intend to release the IRR of the Innovative Startup Act within this month. “We are just finalizing some of the provisions,” she added. — Leslie Gatpolintan (PNA)