DTI, NDC set up P250Mn fund for PH startups
The Department of Trade and Industry (DTI) and the National Development Company (NDC) are working together to provide a P250-million (US$4.9-million) fund for local startups in the Philippines.
Camarines Sur Rep. Luis Ray Villafuerte, principal author of the Innovative Startup Act (Republic Act 11337) said that the program could “embolden” startups to set up businesses that could open additional jobs for Filipinos.
Villafuerte said investing in startups could also promote innovation in micro, small, and medium enterprises (MSMEs).
He added that investing in startups is an effective way to promote innovation among micro, small and medium enterprises (MSMEs).
The startup venture fund was first launched last November by the DTI, NDC, and the QBO Innovation Hub.
The fund is expected to motivate startups to “innovate” and boost new high-value enterprises in the country.