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PH Gov’t Promotes MSMEs Innovation

Photo by: Philippine Information Agency

PH Gov’t Promotes MSMEs Innovation By Andrea Bancud QUEZON CITY (PIA) – The National Innovation Council (NIC) presented to President Ferdinand R. Marcos Jr. the relevant features of Republic Act No. 11293 or the Philippine Innovation Act during the Council’s fourth meeting on Tuesday, February 21, 2023. The Philippine Innovation Act mandates the adoption of “innovation as a vital component of the country’s development policies to drive inclusive development, and promote the growth and national competitiveness of micro, small, and medium enterprises.” Underscoring the role of MSMEs in sustainable and inclusive growth of the country, the government aims to help them scale up in areas of education, training, research, and development and improve to reach international standards. With that, the NIC is formulating the National Innovation Agenda and Strategy Document which will outline the country’s 10-year vision and long-term goals for innovation and serves as a detailed roadmap toward improving innovation governance. During the meeting, the Council also approved six (6) Executive Members for 2023 to 2026, with the 7th slot to be filled by a climate change expert. The Council has also established 10 National Innovation Priority Areas for development, funding, and innovation in the next 10 years, namely: Learning and Education; Health; Food and Agriculture; Finance; Trade; Transportation and Logistics; Public Administration, Security and Defense; Energy; Blue Economy; and Water. Further, the establishment of the Innovation Fund signifies one of the other major outputs of the Council along with the National Innovation Agenda and Strategy Document. The Innovation Fund is a revolving fund that aims to strengthen entrepreneurship and enterprises engaged in developing innovative solutions. So far, the Council has approved nineteen (19) project proposals amounting to P115 million under this grant. “Innovation plays a critical role in our pursuit for sustained and accelerated economic growth and development, as it serves as a catalyst for raising overall productivity and elevating the quality of our goods and services,” National Economic and Development Authority Secretary Balisacan said. These collective efforts show the government’s commitment and determination to promote the culture of innovation in the Philippines and build a strong economic foundation for future generations of Filipinos by way of increased collaborations with the concerned agencies and private sector. (ARB, PIA-CPSD) Source: Philippine Information Agency


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