Duterte signs law providing incentives to startup businesses

President Rodrigo Duterte has signed a law that provides support to startup businesses through subsidies and grants.

Duterte signed Republic Act 11337 on April 26, a copy of which was released by Malacañang on Thursday.

Under the law, the Department of Science and Technology (DOST), Department of Information and Communications Technology (DICT) and Department of Trade and Industry (DTI) are authorized to provide subsidies to innovative startups to help defray the costs of business registration, and the use of space, facilities, equipment and other services for their operations.

Startups can also receive grants-in-aid for research, development, training and expansion projects and subsidies for travel costs related to their participation in local and international start up events or competitions.

The law also creates a Startup Grant Fund to be administered by the DOST, DICT, and DTI and a Startup Venture Fund under the DTI to match investments by selected investors in startups based in the Philippines.

Startups are also exempted from securing an alien employment permit.

The DOST, DICT, and DTI are mandated to assess, monitor, develop and expand the Philippine Startup Development Program, which includes benefits and incentives for startups and startup enablers.

The law also orders the Department of Education, the Commission on Higher Education, and the Technical Education and Skills Development Authority to develop and integrate in their respective curricula entrepreneurial programs that shall foster an environment conducive to innovation and extend incentives to academic institutions that provide funds and/or grants for the research of their students and faculty. — MDM, GMA News