Some P3 billion is needed until 2022 to fund the development of 1,000 startups in the country, according to Fortunato de la Peña, secretary of the Department of Science and Technology (DOST).
Trade Secretary Ramon Lopez meanwhile said the governent’s investment arm National Development Co. (NDC) can be tapped to invest in more startups with proven business concepts with an initial P125 million in funding.
De la Peña said the DOST has so far helped 200 startups through research and development.
Lopez, De la Peña and Secretary Gregorio Honasan of the Department of Information and Communication Technology (DICT) on Friday signed the implementing rules and regulations (IRR) of the Innovative Startup Act, which aims to help develop the startup ecosystem in the country.
Republic Act 11337, or the “Innovative Startup Act,” aims to foster inclusive growth through an innovative economy by encouraging a culture of innovation and streamlining government and non-government initiatives. This law will also help to create new jobs and employment, improve production, and advance innovation and trade in the country.