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Aya Lin · · 1 min readIn brief: Philippine President to sign bill aimed at helping local startups
- Philippine President Rodrigo Duterte is expected to sign a bill that will provide incentives such as tax perks, simplified business procedures, and grants to spur the development of innovative startups in the country, The Philippine Star reported.
- As part of the proposed Philippine Startup Development Program, the country’s Departments of Science and Technology, Information and Communications Technology, and Trade and Industry will each be provided with a startup grant fund to aid startups and startup enablers.
- The three agencies will also work with the country’s Board of Investments to create initiatives to promote investment in local startups.
- Under the proposed law, a startup is defined as a registered business entity operating for no longer than 60 months in the country and whose core business function involves an innovative process, product, or business model.
Editing by Charmaine de Lazo
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