P250-million fund assists startups for job creation in the Philippines
The fund will incentivise startups to innovate and help the country accelerate its shift to new high-value enterprises, thereby creating more jobs.
This was revealed by Camarines Sur Rep. Luis Ray Villafuerte who said, “If micro, small and medium enterprises (MSMEs) already had a hard time during this pandemic, what more startup firms which have yet to venture into business? This is why we welcome the DTI’s programme to provide assistance to startups which will, in turn, embolden (them) to innovate and set up new businesses that will create more jobs.”
Villafuerte said that investing in startups is an effective way to promote innovation among micro, small and medium enterprises (MSMEs).
Last November, the DTI had successfully launched the startup venture fund with the NDC and the QBO Innovation Hub. The launch of the startup fund is timely in the wake of recent reports that about 10% or 100,000 MSMEs in Metro Manila alone have permanently closed down due to the COVID-19 pandemic.
Villafuerte is one of the principal authors of the Innovative Startup Act or Republic Act No. 11337 that targets to provide benefits and programmes to strengthen, promote and develop the Philippine startup ecosystem, according to Manila Standard.