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Laws That Protect Entrepreneurship

The document discusses several laws passed by the Philippine government to support entrepreneurship and protect businesses both large and small. The laws discussed include the Innovative Startup Act, Go Negosyo Act, Magna Carta for Micro, Small and Medium Enterprises, Barangay Micro Business Enterprises Act, and the Intellectual Property Code of the Philippines.

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196 views1 page

Laws That Protect Entrepreneurship

The document discusses several laws passed by the Philippine government to support entrepreneurship and protect businesses both large and small. The laws discussed include the Innovative Startup Act, Go Negosyo Act, Magna Carta for Micro, Small and Medium Enterprises, Barangay Micro Business Enterprises Act, and the Intellectual Property Code of the Philippines.

Uploaded by

thatfuturecpa
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Laws That Protect Entrepreneurship

As part of the government’s support in the field of entrepreneurship and their duty to
protect big and small entrepreneurs, the country passed new laws in hopes of giving assistance
to micro, small and medium enterprises, also known as MSMEs. These are basic laws that a
business owner should look into so as to not lose an opportunity of being granted an assistive
fund for startup. Although their purposes may be similar in nature, they each have different key
features.

The Innovative Startup Act (RA 11337) is an act composed of programs and benefits for
startups through the Philippine Startup Development Program (PSDP). It integrates different
government agencies such as the DOST, DICT and DTI. The core feature of this act is the
providence of benefits and incentives to business startups which includes any entity registered in
the Philippines that aims to develop and introduce innovations as well as any registered entity
that provides good or services that help in the growth of startups in the country. Benefits include
full or partial subsidy for the costs involved in registering and processing permits and certificates
required, endorsement of the host agency and financial grants or aids for product or service
improvement in general.

RA 10644 is otherwise known as the Go Negosyo Act. Its basic policy is to make
economical development happen through growth and reduction of poverty by establishing MSMEs
for the purpose of job creation, production and trade in the country. Its main feature is the
establishment of Negosyo Centers in all provinces as well as the establishment of a startup fund
to provide financing to aspiring entrepreneurs. Similar to this is the RA 6977 which is the Magna
Carta for Micro, Small and Medium Enterprises. It showcases the creation of a Small and
Medium Enterprise Development Council and recognizes the potential for MSMEs to generate
employment which is a big factor when it comes to economic development which would allow the
country to be self-sufficient. While it is similar to Go Negosyo Act, RA 6977 is more focused on
the productive sectors of the country especially rural or agri-based enterprises.

RA 9178 “Barangay Micro Business Enterprises (BMBEs) Act of 2002” is an act


unique in a way that it aims to hasten economic development through the establishment of
barangay micro business enterprises which can serve as a training and development ground or
“seedbeds” for Filipino entrepreneurial skills. Like all other acts imposed, RA 9178 includes an
active granting of benefits for the general purpose of providing employment and alleviating
poverty.

Lastly, RA 8293, known as the Intellectual Property Code of the Philippines, includes
laws on patents, laws on trademarks and laws on copyrights. This would help protect the different
products, services and in general, businesses, of the country’s entrepreneurs from theft and
confusion. This is an essential code as it informs business owners about claiming what is theirs
as he may lose his or her claim if a patent is not filed or a trademark is not registered. This code
also protects the creative minds of Filipinos and serves as the government’s way to battle piracy,
a major concern in today’s society as pirated goods are cheaper but may have harmful effects.

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