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Sunday, August 25, 2019
CEBU

New law gives startups, MSMEs bright prospects

AFTER President Rodrigo Duterte signed the Philippine Innovation Act, government officials in Cebu are gearing up to prioritize start-ups and micro, small and medium enterprises (MSMEs).

Maria Elena Arbon, assistant director of the Department of Trade and Industry (DTI) 7, told SunStar Cebu this would give bright prospects to the local start-up ecosystem.

“It will be an exciting time for a lot of the priority sectors that are covered in the law,” she said.

A copy of Republic Act 11293 or the Philippine Innovation Act, which Duterte signed on April 17, 2019, was released Tuesday, July 16.

The new law has consideration in setting priority areas for innovation which includes food security and sustainable agriculture, the blue economy, education and the academe, health, securing clean and reliable energy, climate change and disaster resilience, resource efficiencies, national and community-based comparative advantages in the context of global value chains, infrastructure needs and governance, among others.

The law would also open opportunities to strengthen the innovation condition of the Philippines especially in helping start-ups get off the ground and brick-and-mortar stores to be competitive.

“The law will pave the way for a more cohesive and coherent innovation program for the country and also whole of government approach. This means strengthening of our innovation ecosystem including the players and stakeholders within that system,” she said.

Arbon said they will launch StartUpIsland Match on July 30, which will connect start-up companies to brick-and-mortar businesses.

“This is our way of promoting digital transformation in our brick-and-mortar players and also enabling our startups to access potential customers and gain traction,” she said.

Department of Science and Technology (DOST) Cebu Director Tristan Abando said the law would benefit start-ups and MSMEs especially in harnessing technology to increase their competitiveness in the market.

“This is very vital for the growth and development of a dynamic innovation ecosystem which is largely composed of MSMEs,” he said.

More than 99 percent of the total number of establishments in the country are MSMEs. JOB


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