Rep. Victor A. Yap (2nd District, Tarlac), the author of HB 3057, said that the proposed legislation will encourage investment, bring innovation, create jobs and build a more vibrant entrepreneurial ecosystem in the country.
“By ensuring that startups are supported at every point of national development, we can create a thriving Filipino startup ecosystem that is geared towards high-value products and services,” said Yap.
Yap also highlighted the importance of small businesses as the employment engine of the economy, stating that they are the primary source of job creation and contribute to economic dynamism by injecting competition and spurring innovation.
If enacted, the government will provide grants to startups whose core business function involves product, process, or business model innovation. The Department of Trade and Industry shall be the agency responsible for issuance of certification to startups as well as the processing of application for grants.
The bill also provides for a P1-billion Innovative Startup Venture Fund, which shall be administered by the Department of Science and Technology, to cover for initial or supplemental investment requirements of certified startups.
Additionally, it will create a startup visa program to allow foreigners to work in Filipino startups and to participate in setting up startups here.
“The government supporting startups will create a thriving Filipino startup ecosystem which is geared at high-value products and services, which will provide employment and generate economic growth,” said Yap.
The proposed Innovation Startup Act has a similar subject to House Bills No. 2882, 6609, and 7803, which were filed by Reps. Luis Raymund Villafuerte Jr. (2nd District, Camarines Sur), John Marvin Nieto (3rd District, Manila) and Jose Enrique Garcia (2nd District, Bataan), respectively. In the Senate, Sen. Bam Aquino served as the primary author of the same bill which passed third reading on May 16, 2018.