PH Innovation Act IRR signed

PH Innovation Act IRR signed

Entrepreneurship

GlobalLinker Staff

GlobalLinker Staff

11 Feb 2020, 14:30 — 3 min read

Officials from the National Economic and Development Authority (NEDA), the Department of Trade and Industry (DTI), and the Department of Science and Technology (DOST) signed the implementing rules and regulations (IRR) of the Philippine Innovation Act (RA 11293) on Friday in Pasig City.


The Act, which was signed into law in July 2019, would harness innovation efforts to help the poor and the marginalized, and enable micro, small and medium enterprises (MSMEs) to be part of the domestic and global supply chain.


Socioeconomic Planning Secretary Ernesto Pernia, before the ceremonial signing at NEDA's headquarters, acknowledged the importance of innovation to shape the economy.

The Philippine Innovation Act will enhance the competitiveness of MSMEs as this will champion technological advancements in the country.

 


"The younger generation must be very interested in the quality of our economy and society," he said.


Citing that the Philippines ranked 54th in the 2019 Global Innovation Index, up 19 notches from its previous ranking in 2018, Pernia said the country is now part of the "innovation achievers" cluster.


The Philippine Innovation Act will enhance the competitiveness of MSMEs as this will champion technological advancements in the country, he said.


"We are bullish that only innovation can uplift the various industries that we have. The IRR will definitely help us implement the law," said DTI Secretary Ramon Lopez.


NEDA Undersecretary Rosemarie Edillon said among the salient features of the IRR are the following:


Promote a culture of strategies, planning to encourage creative thinking and monitoring economic competitiveness; ensure effective coordination of innovation policies and programs; strengthen the position of MSMEs in the innovation ecosystem; suppressing bureaucratic hurdles; encourage entrepreneurial attitude; strengthen partnerships between the public and private sectors, academe, MSMEs and research and development institutes.


The officials said a National Innovation Council will be established to serve as the policy advisory body in the formulation and monitoring of the country's innovation goals.


Edillon said the Council will be chaired by the President, and vice chair is the NEDA Director General.


Meanwhile, DOST Secretary Fortunato dela Peña said he is very honored to be part of the IRR signing.


"We welcome the passage of the Philippine Innovation Act," he said, adding that a whole of government approach will be done to implement the IRR.

Article Source: PNA
 

Recommended articles for you

Got an inspiring story?
Get featured on SME inspirations

Already a member?

Log in

UnionBank GlobalLinker - GET THE BIG BUSINESS ADVANTAGE

Visit mobile site