President Rodrigo Duterte has signed the Innovative Startup Act, which would “support the research and development of startups and startup enablers in the Philippines.”
The new law aims to “support and promote the access to startup development programs” in the Philippines.
It also aims to “support the development and growth of enterprises whose innovative product, service, or business model is integral to creating a competitive startup community in the Philippines.”
The law also created the Philippine Startup Development Program or simply referred to as the “Program.”
“The Program shall be composed of programs, benefits, and incentives for startups and startup enablers promulgated through the respective mandates of national government agencies and through additional mandates provided by the provisions of this Act,” the new law states.
“The Program shall also include programs, benefits and incentives for startup and startup enablers extended by NGO’s in partnership with national government agency,” it added.
Read more: Philippine Inquirer
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