Senator Bam Aquino sponsored a measure that will give over 200,000 innovative start-up businesses in the country a better chance of succeeding through tax breaks and other forms of assistance, including a P1 billion venture fund where they can apply.
In his sponsorship speech for Senate Bill No. 1532, Sen. Bam lauded innovative start-up businesses for finding solutions to the country's problems.
"These are startups that provide unique and relevant solutions to our problems, from daily hassles, like finding a taxi during rush hour, to improving the delivery of healthcare, providing support for our farmers, and addressing unemployment," said Sen. Bam, the principal sponsor and author of the measure as chairman of the Committee on Science and Technology.
As sponsor of the measure, he said the Innovative Startup Act will reduce barriers that hamper the start-ups' march to success.
"Let's take this opportunity to empower our innovators and entrepreneurs with a heart for nation-building. Ipasa po natin ang Innovative Startup Act at himukin ang ating mga makabagong negosyante na lumikha ng mga solusyon para sa bayan," said Sen. Bam.
Sen. Bam said the measure will provide support innovative startups through financial subsidies like tax breaks and grants and ease of red tape in business registration. Start-ups will also get technical assistance and training programs that can help them flourish
If enacted into law, innovative startups will also benefit from free use of equipment, facilities, and other services from government agencies, such as testing and fabrication facilities. They will also get assistance from the Intellectual Property Office of the Philippines for the patenting or licensing of their product.
As a former social entrepreneur before he joined the Senate, Sen. Bam has been working for the welfare of micro, small and medium enterprises (MSMEs) and start-ups by giving them an environment conducive for growth.
Sen. Bam worked for the passage of Republic Act 10644 or the Go Negosyo Act to provide access to markets and financing for businesses, training programs, and a simplified business registration process, helping ease of doing business and hastening government processes in putting up a business.
Source: Senate of the Philippines