The Philipines president, Rodrigo Duterte has signed a new law. The law is named the Philippines Innovation Acts. The law aims to boost innovation in the country. Besides, the law is also expected to promote the growth and national competitiveness of startups, as cited from a report.
The president signed on April 17. The main purpose of the law is to remove the obstacle to innovate by suppressing bureaucratic hurdles. Moreover, the government plans to allocate an initial revolving fund of 1 billion PHP (US$19 million) for the first year of the implementation of the new law.
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The National Innovation Council (NIC)
Together with signing the new law, Duterte also formed The National Innovation Council (NIC). The main task of the NIC is to develop the country’s innovation goals, priorities, and long-term national strategy.
The council develops strategies to promote the creation of new ideas. Thus, the country can have new and quality products, processes, and services. In the long term, it aims to improve the welfare of low income and marginalized groups.
Besides, it will also create comprehensive support for startups. It supports startup internalization and participation in the local and global value chains. These programs include coaching and mentoring in the areas of design, technology extension services, and standard business practices.
In addition, the NIC will formulate a 10-year National Innovation Agenda and Strategy Document (NIASD). The program aims to establish the country’s vision and long-term goals for innovation and to serve as a roadmap for improving innovation governance.
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Fostering Startup Ecosystem
The Philippines government has also pushed for greater digitalization. In recent years, it has initiated a number of projects to foster startup development and innovation in order to give better ecosystem for them.
In December 2018, officials of the Department of Trade and Industry (DTI) and the Department of Science and Technology (DOST) signed the Startup Assistance Program 2019 – 2023.
The initiative aims to help startups and entrepreneurs. It will provide incentives. For instance, travel grants, working facilities, access to funding, and assistance in getting visas and business permits.
