MANILA: The National Innovation Council (NIC) recently approved several critical initiatives to enhance the country’s innovation ecosystem and address critical barriers to development.
In a statement on Friday, the National Economic and Development Authority (NEDA) said the initiatives were approved during the seventh meeting of the NIC on Aug. 1.
During the meeting, the council approved the dissemination of the draft implementing rules and regulations for Section 23 of the Philippine Innovation Act, proposed by the Bangko Sentral ng Pilipinas, for public consultation.
The provision aims to extend credit to eligible borrowers that will support the development of innovative goods and services and the innovation of their processes, organization, and marketing practices.
The council also approved the implementing guidelines for the annual National and Regional Innovation Awards and Competitions to spotlight Filipinnovators who are ready for early-stage commercialization.
‘The National and Regional Innovatio
n Awards and Competitions are crucial in showcasing Filipino talent and fostering a nationwide culture of innovation,” NEDA Secretary and NIC Vice Chairperson Arsenio Balisacan said.
“By supporting local innovators, we are advancing our national agenda to transform the Philippines into a hub of creativity and technological advancement,’ he added.
During the meeting, NEDA Undersecretary Rosemarie Edillon, who also serves as the chairperson of the NIC Executive Technical Board, also presented the Priority Policy Reform Agenda.
The agenda aims to address barriers to innovation by developing a protocol for regulatory sandboxes, streamlining the process for business renewal, and facilitating exit strategies for startups.
Edillon also discussed policy reforms and strategies to cultivate a community of scientists and experts and to retain talents in Science, Technology, and Innovation.
‘With these reforms, we are paving the way for a more dynamic and competitive innovation landscape in the Philippines, ensuring
that our innovators have the necessary resources and support to drive economic growth and development,’ Edillon said.
The NIC also confirmed the implementing guidelines for the 2024 Innovation Grants which allocates PHP100 million to a revolving fund to finance innovation programs, activities, and projects that will improve the innovation ecosystem in the country.
Source: Philippines News Agency