PUERTO PRINCESA, Palawan -- An official urged the startup community to support the Innovative Start Up bill aiming to reduce the barriers to starting up innovative and technology businesses in the country.
Norman Cualteros, policy officer, policy and legislation unit of the office of Senator Bam Aquino said in a presentation Thursday, August 24, during the 5th Geeks on a beach conference here that the proposed law or Senate Bill No. 1532 is seen to be the game changer in the start-up community in the country.
“We ask everyone to support the bill as it will really help our start-ups,” he said.
At present, the bill is in the plenary session after it was filed in the Senate on Tuesday, August 1 by Senator Paolo Benigno “Bam” Aquino IV.
Aquino said in a previous report that the measure would enable government to empower innovators and entrepreneurs.
The senator, who is also the chairman of the Committee on Science and Technology, called his fellow legislators to enact the bill and encourage these enterprises that not only spur economic growth but also “provide unique and relevant solutions to the country’s social and day-to-day problems from healthcare, traffic, to agriculture.”
Cualteros explained before the 400 participants of the two-day international conference that if the bill gets passed, startups will enjoy exemption from national and local taxes for their first two years of operation.
The bill also proposed for an Innovative Startup Venture Fund of P10 billion to be given to start-ups.
“The government will provide Efficient Certificate Process with less cost possible. Also, there will be exception on fees and tax exemptions. And special visas for founders, employees and investors will be granted,” he said.
It can be recalled that in 2014, Aquino filed an earlier version of the startup bill, but failed to pass it.
The refiled bill, Aquino said, serves as a good follow-up to the Philippine Roadmap for Digital Startups.
The roadmap was created by the Department of Information and Communications Technology in partnership with local startup founders, which pushes for more and improved digital innovations in the country.