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House set to tackle Tarlac Cong Yap’s proposed Innovative Startup law

Nov 21, 2018 @ 4:41
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The proposed Innovative Startup Act of Tarlac 2nd District Representative Victor Yap is set to be tackled by the House of Representatives, a statement from Congress said.

House Bill 3057 was filed in August 2016, and since then, has only been referred to the House Committee on Trade and Industry where it remained pending.

According to the House statement, the proposed measure seeks to improve the existing startup ecosystem in order to encourage the long-term growth of such businesses.

“Yap.. said that the proposed legislation will encourage investment, bring innovation, create jobs and build a more vibrant entrepreneurial ecosystem in the country,” the statement said.

Yap underscores the employment generation effect of small businesses, as well as stimulating competition.

According to the bill, a P1-billion Innovative Startup Venture Fund will be allocated and administered by the Department of Science and Technology, to cover for initial or supplemental investment requirements of certified startups.

A startup visa program will also be created to allow foreigners to work in Filipino startups and participate in the setting up of startups in the country.

The House statement acknowledges the other bills filed by three other lawmakers, including Bataan 2nd District Representative Jose Enrique Garcia, of the same subject proposal.

It said that a Senate version of the bill, authored principally by Sen. Bam Aquino, already hurdled third reading last May 16, 2018.

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