DTI

The 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 IRR within this month.

The Department of Trade and Industry (DTI) has set the wheels in motion for the crafting of the country’s artificial intelligence (AI) sector roadmap to position the Philippines as an AI powerhouse in the Asean region.

The DTI has signed a memorandum of understanding with the UP Law Center to establish cooperation in the area of e-commerce.

DTI secretary Ramon M. Lopez said that if the Philippines wants to achieve its goal of barging into top 40% of the rankings, it needs to implement more electronic systems in the government.

Under the MOU, DTI will promote RCBC’s virtual bank-tech app “DiskarTech: Kasosyo sa Asenso” and provide training programs for entrepreneurs.

The Central Business Portal, which will be fully operational by February 14 next year, covers business transactions under the SEC, but is envisioned to also cover the DTI and even the BIR.

PayMaya is providing its universal payments platform to DTI to accept all forms of non-cash payments.

The amount will be used to support industries that will undergo digital transformation and businesses undertaking innovation activities.

DTI secretary Ramon Lopez also predicts 100,000 MSMEs engaging in e-commerce in the next three years, noting that over 30,000 sari-sari stores in the barangay level have capabilities for e-wallet loading and transferring of funds.

The new law aims to help startups and startup enablers by providing incentives like travel grants, access to a Startup Venture Fund, and assistance in getting visas and business permits.