Gov’t lists benefits, incentives under Innovative Startup Act

The government has vowed to give local startups the benefits and incentives provided under recently signed Republic Act 11337 or the Innovative Startup Act.

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.

Aside from the Department of Trade and Industry (DTI), the Department of Science and Technology (DOST) and the Department of Information and Communications Technology (DICT) are the host agencies to implement the Philippine Startup Development Program, composed of programs, benefits, and incentives for the startup community.

“There is so much entrepreneurial potential, talent, motivation, and optimism of our young population.  With the current strong momentum for collaboration between and among government, academe, and industry and the comprehensive fiscal and non-fiscal support of RA 11337, we will be able to grow and develop our startup ecosystem and catch up with our neighbors especially in creating billion-dollar startups,” said DTI undersecretary for competitiveness and innovation Rafaelita Aldaba.

To avail of these incentives, startups and startup enablers have to pass an application and selection process to be determined in the Implementing Rules and Regulations (IRR).

The first meeting to craft the IRR was held July 22 at the University of the Philippines Diliman. Present at the meeting were  Aldaba, DOST undersecretary Rowena Guevara and DICT director Emmy Lou Delfin, as well as other officials and representatives from each agency.

Selected startups and enablers will get subsidies for business registration fees. The host agencies will also endorse their applications to be prioritized or expedited. The three agencies will also provide subsidies for use of office spaces, facilities, equipment, services, and repurposed government spaces.

Read more: Newsbytes.ph