Innovation and Startup Act
Republic Act No. 11337
The Innovative Startup Act
The Innovative Startup Act was signed into law on April 26, 2019 which aims to strengthen, promote, and develop an innovative and entrepreneurial ecosystem and culture in the Philippines. Further, it focuses on providing benefits and removing constraints in order to encourage the establishment and operation of innovative new enterprises and businesses crucial to their growth and expansion.
With the publication of its Implementing Rules and Regulation (IRR) last 20 December 2019, the DTI, DOST, and DICT, as lead host agencies, will closely coordinate and monitor programs and other forms of support for startups and startup enablers. The Philippine Startup Development Program (PSDP) will be at the center of the law’s implementation, together with the other benefits, such as Startup Venture Fund (SVF), Grants-in-aid, subsidies, Startup BOSS (Startup Business One-Stop Shop), and Startup Investment Development Plan.
Republic Act No. 11293
The Philippine Innovation Act
Republic Act No. 11293 or the Philippine Innovation Act (PIA) was signed into law on April 17, 2019. The law will guide the country’s innovation goals and is expected to make the policy environment in the country conducive for more science, technology and innovation efforts.
The PIA creates the National Innovation Council (NIC) which is to be chaired by the President of the Republic of the Philippines and which shall steer the whole-of-government coordination and collaboration in innovation governance.
Likewise, the law also creates the National Innovation Agenda Strategy Document (NIASD) which shall set the direction of the country’s innovation goals, priorities, and strategies.