MANILA – The National Innovation Council (NIC) has greenlit several initiatives aimed at fostering innovation in the Philippines, focusing on ecosystem enhancement and overcoming development barriers.
These decisions were made during the NIC’s 7th meeting on August 1.
Among the key initiatives is the implementation of guidelines for the annual National and Regional Innovation Awards and Competitions, aimed at highlighting early-stage Filipinnovators ready for commercialization.
“The National and Regional Innovation Awards and Competitions are crucial in showcasing Filipino talent and fostering a nationwide culture of innovation. By supporting local innovators, we are advancing our national agenda to transform the Philippines into a hub of creativity and technological advancement,” said NEDA Secretary and NIC Vice Chairperson Arsenio M. Balisacan.
Policy Reforms and Strategic Initiatives
NEDA Undersecretary Rosemarie G. Edillon, chairperson of the NIC Executive Technical Board, presented the Priority Policy Reform Agenda, which focuses on reducing barriers to innovation.
Key measures include establishing regulatory sandboxes, streamlining business renewal processes, and facilitating exit strategies for startups.
“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 guidelines for the 2024 Innovation Grants, which will provide PHP100 million to finance programs and projects aimed at improving the country’s innovation ecosystem.
Supporting Innovators and Extending Credit
In addition, the NIC approved the draft Implementing Rules and Regulations for Section 23 of the Philippine Innovation Act for public consultation.
Proposed by the Bangko Sentral ng Pilipinas, this provision aims to extend credit to eligible borrowers, supporting the development of innovative goods and services as well as the innovation of processes, organization, and marketing practices.
As the Philippines’ top policy-making body for national innovation development, the NIC remains dedicated to improving innovation governance, creating an environment where innovation can thrive.
