MANILA – The Department of Trade and Industry (DTI) is targeting an initial P125 million in venture funds to match investments from selected investors to Philippine-based startups as authorities signed the implementing rules and regulations (IRR) for the law providing incentives to these firms.
DTI secretary Ramon Lopez said the amount, representing half of the projected P250 million to assist the first batch of 50 startups, will serve as a commercial investment fund to scale up deserving startups.
Lopez said the DTI, in coordination with the government’s investment arm, National Development Company (NDC), will administer the Startup Venture Fund.
“NDC can develop that fund now that the IRR is out,” he told reporters. “Of course, they (startups) are open to solicit and pitch to other venture capitalists.”
The IRR for Republic Act No. 11337, also known as the Innovation Startup Act, was signed on Friday. Such legislation creates the Philippine Startup Development Program that is set to offer “programs, benefits and incentives” for both startups and enablers.(PNA)
