07-20-2019, 02:13 PM
On April 17, 2019, President Duterte signed the Philippine Innovation Act (“Innovative Startup Act”, RA 11337) which would harness innovation efforts to help the poor and the marginalized and enable micro, small and medium enterprises to be part of the domestic and global supply chain.
A startup refers to “any person or registered entity in the Philippines which aims to develop an innovative product, process or business model.”
"The State shall provide incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses, business crucial to their growth and expansion and to strengthen, promote and develop an ecosystem of business and government and non-government institutions that foster an innovative entrepreneurial culture in the Philippines," the law read.
A startup refers to “any person or registered entity in the Philippines which aims to develop an innovative product, process or business model.”
"The State shall provide incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses, business crucial to their growth and expansion and to strengthen, promote and develop an ecosystem of business and government and non-government institutions that foster an innovative entrepreneurial culture in the Philippines," the law read.