MANILA, Philippines — Information and Communications Technology Secretary Gregorio Honasan expects the startup community in the country to thrive following the signing of the implementing rules and regulations (IRR) for the Innovative Startup Act last week.
The Department of Information and Communications Technology, Department of Science and Technology (DOST), and Department of Trade and Industry (DTI) are looking to generate 1,000 startups by 2022 through initiatives under Republic Act 11337 or the Innovative Startup Act.
“The passage of RA 11337 last April has already been a momentous feat for the Philippine startup community, but with the signing of the law’s IRR, we are now equipped with a framework needed to fully realize the goals and objectives of the law,” Honasan said.
Honasan is optimistic that RA 11337 would provide long-term strategic planning in fostering a thriving startup community in the country.
“What the Filipino people want is an expression of commitment and it must begin with our startup endeavors. Startup means setting on fire innovative projects all over the country until we develop a sense of long term strategic planning that will benefit and do justice to our purpose, our people and our country,” he said.
Under the law, the DICT is mandated to develop the Startup Philippines Website that should serve as the primary source of information on statistics, events, programs, benefits, and incentives for startups and startup enablers, among others.
The DICT should also keep a joint database of all programs, as well as startups and startup enablers who availed of the benefits and incentives granted by the host agencies.
RA 11337 aims to create initiatives that will provide benefits and incentives to startups and startup enablers in the country. The law also targets to remove procedural constraints for businesses by streamlining government and non-government operations.
The IRR for the Innovative Startup Act was signed last Friday by Honasan and the secretaries of the DTI and DOST.
The three agencies would form a steering committee to implement the law and develop the overall program for the development of startups in the country.