DICT Secretary Gregorio Honasan II, DOST Secretary Fortunato de la Peña, and DTI Secretary Ramon Lopez signed the Implementing Rules and Regulations (IRR) of Republic Act 11337 or the Innovative Startup Act on the last day of the Philippine Startup Week 2019.
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 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.
In addition, Honasan is optimistic that RA 11337 will provide long-term strategic planning in fostering a thriving startup community in the Philippines.
“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 explained.
Consistent with the provisions of the law, the DICT is to develop the Startup Philippines Website that shall serve as the primary source of information on statistics, events, programs, benefits, and incentives for startups and startup enablers, among others.
The DICT shall 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.
The DICT, DOST, and DTI estimate to generate 1,000 startups by 2022 through initiatives under RA 11337.