Department secretaries sign IRR for Innovative Startup Act

The Secretaries of the Department of Information and Communications Technology (DICT), Department of Science and Technology (DOST), and Department of Trade and Industry (DTI) have signed the Implementing Rules and Regulations (IRR) for a law that seeks to support and incentivize the launching of startups in the country.

DICT Secretary Gregorio Honasan II, DOST Secretary Fortunato de la Peña, and Trade Secretary Ramon Lopez signed the IRR for Republic Act 11337 or the Innovative Startup Act last Friday.

“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,” said Honasan.

In accordance with the law, the DICT would create the Startup Philippines Website that would serve as an information hub for startups and startup enablers.

The concerned agencies hoped to generate 1,000 startups by 2022 through the new law.

The act was signed by President Rodrigo Duterte last April 26. — Julia Mari Ornedo/DVM, GMA News