The National Innovation Council (NIC) approved several critical initiatives to foster innovation in the Philippines by enhancing its ecosystem and addressing essential barriers to development.
At the 7th meeting of the NIC, the council approved the implementing guidelines for the annual National and Regional Innovation Awards and Competitions. These awards are designed to spotlight Filipinnovators who are ready for early-stage 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.
NEDA undersecretary Rosemarie G. Edillon, who also chairs the NIC Executive Technical Board, presented the Priority Policy Reform Agenda. This agenda centers around addressing 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 for cultivating a community of scientists and experts and retaining 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.
In line with this vision, the NIC also confirmed the implementing guidelines for the 2024 Innovation Grants. This provision allocates PHP100 million to a revolving fund dedicated to financing innovation programs, activities, and projects that will improve the innovation ecosystem in the country.
Moreover, the NIC has approved disseminating the draft Implementing Rules and Regulations for Section 23 of the Philippine Innovation Act, proposed by the Bangko Sentral ng Pilipinas, for public consultation. This 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.
As the government’s highest policy-making body for national innovation development, the NIC is committed to improving innovation governance to create an environment where innovation thrives and flourishes.
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