Republic Act 11293 or the Philippine Innovation Act has been signed into law, aiming to foster the entrepreneurial spirit and promote growth and competitiveness of micro, small and medium enterprises (MSMEs) in the country.
A National Innovation Council (NIC) will be created to develop strategies and programs centered on training and research & development and harnessing all potential sources for innovation. The NIC is to plan a 10-year roadmap called National Innovation Agenda and Strategy Document (NIASD) which will set out the country’s vision and long-term innovation goals. In addition, the NIC will formulate support programs, which include technical training, coaching, mentoring, and financing for entrepreneurs.
Priority areas of innovation have been identified, such as food security and sustainable agriculture, blue economy (ocean resources), education, health, secure and reliable Energy, climate change and disaster resilience, resource efficiencies, digital economy, governance, among others.
The NIC will be chaired by the President with the Director General of the National Economic Development Authority (NEDA) acting as Vice Chairman. Members also include the Secretaries of government departments and seven members from the private sector. The Department of Trade and Industry (DTI) on its part, is tasked to identify high productivity innovative businesses that could potentially exploit market opportunities overseas. The government will allocating PHP 1 billion (USD 19.4 million) of funding for the first year of implementation.
(Source: Philippine Daily Inquirer, ABS CBN, Philippine News Agency)