Duterte signs PH Innovation Act, allots P1-B
MANILA, Philippines — President Rodrigo Duterte has signed the Philippine Innovation Act, allotting P1 billion for its first year implementation.
Duterte signed Republic Act 11293 on April 17, but a copy of the law was released only to the media on Tuesday.
The new law aims to “remove obstacles to innovation by suppressing bureaucratic hurdles” and “encourage entrepreneurial attitude in order to stimulate growth ambitions in business” especially the micro, small and medium enterprises (MSMEs).
The law created the National Innovation Council (NIC) tasked “to develop the country’s innovation goals, priorities, and long-term national strategy.
The NIC, the law said, should “develop strategies to promote the creation of new ideas that will be developed into new and quality products, processes, and services aimed at improving the welfare of low income and marginalized groups, as well as create livelihood for these sectors.”
The President will serve as chairperson while the National Economic and Development Authority director general will act as vice chairperson of the NIC.
Under the law, priority areas of innovation must be considered on the following:
-Food security and sustainable agriculture
-The ‘Blue Economy’ or ocean resources
-Education and the academe
-Secure, clean and reliable energy
Climate change and disaster resilience
-National and community-based comparative advantages in the context of global value chains
-Comparative strengths and advantages of sectors and communities
-Potentials for innovation of traditional knowledge, traditional cultural expressions, and genetic resources
-Development of human capital
Subject to availability of funds, the government has allocated an initial revolving fund of P1 billion for the first year of the implementation of the new law.
The law said funds necessary for its continuous and effective implementation should be included in the annual General Appropriations Act.
The law declared April 21 as National Innovation Day, which would be a special working public holiday nationwide.
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