Printer Friendly

Senate OKs bill seeking to support innovative startups.

The Senate on Wednesday passed on third and final reading a measure that seeks to support innovative startups through financial subsidies like tax breaks and grants, easier business registration, technical assistance and training programs.

Authored by Sen. Paolo Benigno 'Bam' Aquino IV, Senate Bill No. 1532 was approved with 18 affirmative votes, no negative votes and zero abstention.

'These are startups that provide unique and relevant solutions to our problems, from daily hassles, like finding a taxi during rush hour, to improving the delivery of healthcare, providing support for our farmers, and addressing unemployment,' Aquino said.

'Let's take this opportunity to empower our innovators and entrepreneurs with a heart for nation-building,' he added.

The measure will allow innovative startups to enjoy exemption from fees and charges for the use of equipment, facilities and other services from government agencies such as testing and fabrication facilities.

Once put into law, startups will enjoy the following benefits:

Waived application fees

Refund of fees for the permits and certificates

Expedited processing of permits and certificates

Research and development grants

Exemption from fees and charges levied by the national government agencies for the use of equipment, facilities, or services availed by the innovative startup

Access to applicable benefits and incentives provided by the Intellectual Property of the Philippines

Subsidy for visa application, renewal, or extension of foreign owners, employees, and/or investors of an innovative startup and support service provider

Exemption from the alien employment permit

According to Aquino, the benefits and incentives will be provided by the Department of Science and Technology (DOS), Department of Information and Communications Technology (DICT), and the Department of Trade and Industry (DTI) under an Innovative Startup Development Program.

The bill also provides for a P10-billion Innovative Startup Venture Fund that entrepreneurs can apply for through the DOST.

COPYRIGHT 2018 Asianet-Pakistan
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Philippines Daily Inquirer (Makati City, Philippines)
Date:May 16, 2018
Previous Article:LBC nets P541M.
Next Article:Liquid banks swarm BSP, bid up deposit yields.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters