Senator Bam Aquino emphasized the need to strengthen support for entrepreneurs, especially start-up businesses, after a study ranked the Philippines as second most unfriendly country to start-ups among 12 major economies in the Asia-Pacific region.
“Mahalagang mabigyan ng sapat na tulong ang mga Pinoy entrepreneur dahil sila ang haligi ng ekonomiya. They generate jobs and livelihood, some even provide solutions to our country’s problems,” Aquino said.
The legislator made the pronouncement after the country’s negative performance in a survey conducted by consumer research group Value Penguin. Based on 18 economic indicators, the country placed 12th in labor force quality, 11th on business climate, 10th on cost of doing business and 12th on economic health.
Based on 18 economic indicators, the country placed 12th in labor force quality, 11th on business climate, 10th on cost of doing business and 12th on economic health
“Kailangan nating suportahan ang ating maliliit na negosyo at start-ups, lalo na ngayong pataas nang pataas ang presyo ng mga bilihin at serbisyo,” the lawmaker said.
The youthful senator renewed his call for the passage of Senate Bill No. 1532 or the Innovative Startup Act, of which he is the principal sponsor and author as chairman of the Committee on Science and Technology. The measure has been approved on second reading last week.
The measure will provide support for 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.
Aquino said 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, he has been working for the welfare of micro, small and medium enterprises (MSMEs) and start-ups by giving them an environment conducive for growth.
His first law, Republic Act 10644 or the Go Negosyo Act, has established more than 800 Negosyo Centers around the Philippines to help Filipinos put up and manage successful businesses.