start up

Sen. Bam: PH start-up bill is passed by Senate

A measure that seeks to empower and encourage Filipino innovators and entrepreneurs to build better solutions for the nation was approved by the Senate on third and final reading, according to its principal author and sponsor Sen. Bam Aquino.

Via an overwhelming 18-0 vote, Senate Bill No. 1532 or the Innovative Startup Act was approved by the Senate, bringing it closer to becoming a law.

“This is great news for our innovators and entrepreneurs! We’re one step closer to giving them the support they deserve,” said Sen. Bam, chairman of the Committee on Science and Technology.

“It isn’t easy building a successful start-up, specially in the Philippines. Still, they find ways to bring better solutions to problems in transportation, healthcare, agriculture, and other industries. Tama lang na tulungan sila ng gobyerno,” added Sen. Bam, a former social entrepreneur.

If enacted into law, the measure will provide support to innovative and tech startups, which pertain to businesses that provide unique and relevant solutions to pressing problems, such as transportation, financing, agriculture and healthcare.

“Our country has a number of promising start-ups and we need to provide them with the environment where they can grow and succeed, just like what their counterparts in other countries like United States and Israel are enjoying,” said Sen. Bam.

If enacted into law, innovative startups will enjoy benefits such as tax breaks and grants and other forms of assistance, including a faster process for business registration.

Innovative start-ups could also avail of technical assistance and training programs, use of equipment, facilities and support for patenting or licensing of their product through the Intellectual Property Office of the Philippines.

The measure also includes a P10 billion Innovative Startup Venture Fund that entrepreneurs can apply for.

Sen. Bam is an advocate of start-up, micro, small and medium enterprise (SMSME) development. During the 16th Congress, he passed the Go Negosyo Act, the Youth Entrepreneurship Act and other laws to empower local businesses.

Sen. Bam sponsors 3 measures for welfare of start-ups, scientists and researchers

Sen. Bam Aquino recently sponsored three measures that aim to support Filipino scientists, engineers and innovative start-ups, believing that technology and innovative initiatives can help solve problems besetting the country. 

Recently, Sen. Bam sponsored Senate Bill No. 1532 or the Innovative Startup Act where he urged colleagues to pass the measure that provides different forms of assistance to over 200,000 innovative start-up businesses, giving them better chance of succeeding. 

If passed into law, it will provide support innovative startups through financial subsidies like tax breaks and grants and other forms of assistance such as ease of red tape in business registration. 

It will also give technical assistance and training programs, free use of equipment, facilities and support for patenting or licensing of their product through the Intellectual Property Office of thePhilippines, according to Sen. Bam, chairman of the Committee on Science and Technology. 

He also delivered his sponsorship speech for Senate Bill No. 1533 or the Balik Scientist Act and Senate Bill No. 1534 or the Magna Carta for Scientists. The two measures aim to promote the welfare of Filipino scientists, engineers and researchers. 

“The challenge for us today is to ramp up support for Filipino scientists, engineers and researchers, and to harness their talents, not just to boost industries and business, but to build a better Philippines for all,” said Sen. Bam. 

Currently, the Philippines has 189 scientists per million, far from the ideal target of 380 per million. “Our country still lacks 19, 000 scientists to meet the bare minimum that is essential and acceptable in the development of any country,” said Sen. Bam. 

Senate Bill No. 1533 aims to encourage scientists, engineers and innovators working in different parts of the world to return and help solve the country’s problems through financial incentives. 

The amendments to the Magna Carta for Scientists aim to streamline the process of providing benefits and incentives to S&T government personnel. 

“Pahalagahan po natin ang agham at teknolohiya, ang mga siyentipiko, mga inhinyero at mga researcher upang tuluyang umasenso ang Pilipinas,” said Sen. Bam.

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