The PH government, through the Department of Science and Technology (DOST)’s Technology Application and Promotion Institute (TAPI), has allocated a total of PHP 16 million to support micro, small, and medium enterprises focused on tech. Here’s how.

These investments will be broken down and split between the most promising local PH technology innovations. These will be considered seed funds in order to speed up the commercialization of these businesses and give them the final nudge of support they need. TAPI’s Venture Financing Program (VFP) comes with no strings, no interest, and no collateral. This is to encourage eligible MSMEs to go ahead and make the most of these provided resources.

So what exactly are the conditions for eligibility? Firstly, Filipino-owned MSMEs must have existed for three years at the very least. Proponents should be duly registered sole proprietors, corporations, partnerships, or cooperatives with at least 60 percent of ownership belonging to Filipino citizens. Also, the company should be tech-based in the commercialization phase with any of the following: an active intellectual property filing, an adopter of DOST-generated/funded technology, a previous or current DOST beneficiary, or a technology licensee.

TAPI Director Marion Ivy Decena admitted that certain fields of PH technology innovations will be given priority. These include but are not limited to: furniture; gifts, housewares, decors; agriculture, marine, aquaculture; metals and engineering; information and communications technology; and pharmaceuticals and health products. As to the loan amount, it should be at least 70% of the firm’s required funding for commercialization, but the amount of assistance shall top out at PHP 2 million.

The funding shall be repaid after a year with an additional grace period of six months for special cases. Last year, TAPI was able to release PHP8.6 million to aid 13 projects; so this is a monumental step up of almost double the amount.

What do you think of this program? Let us know, and if you have any promising start-ups you’d like to suggest, definitely shout them out on our Facebook page!