PRESIDENT Rodrigo Duterte signed into law two bills that will be beneficial to Filipino entrepreneurs and micro, small, and medium enterprises (MSMEs) -- Republic Act (RA) 11337 or the Philippine Startup Development Program and Republic Act (RA) 11293 or the Philippine Innovation Act.
The Philippine Innovation Act mandates the government to adopt a broader view in developing its innovation goals and strategies covering all potential types and sources of innovation.
An initial of P1 billion has been allotted for the first year implementation of the Philippine Innovation Act to “promote growth and national competitiveness of micro, small and medium enterprises (MSMEs).”
The Philippine Startup Development Program aims to support the country’s startups and startup enablers’ research and development; access to startup development programs; participation in local and international events; and collaboration with government and private sector.
The program also seeks to support the development and growth of enterprises, and develop policies and regulations to address or remove undue restrictions in the implementation of the program.
It is clear that the two bills will be truly beneficial to local MSMEs.
The Philippine Innovation Act will provide MSMEs an environment that would push them to innovate and upscale their products and services. With innovative products, this will allow MSMEs to compete globally.
On the other hand the Philippine Startup Development Program will spur the growth and development of startup and startup enablers through either private or local government initiatives.
Both laws will enable innovators and entrepreneurs to push the envelope in whatever industries they are in.
For a long time, many local entrepreneurs are just contented with what is in the market now when there are other opportunities they can tap on.
Hopefully with this new set of laws, many Filipinos will be encouraged to start their own business or startup.