MANILA -- The Department of Science and Technology - Technology Application and Promotion Institute (DOST-TAPI) and the Land Bank of the Philipines launched the I-TECH Thursday afternoon, aiming to help Filipino inventors commercialize their products.
Through the I-TECH (Innovation and Technology Lending Program), a special financing window will be provided by DOST-TAPI and LandBank to support the commercial production of patented Filipino inventions.
A lower interest rate for loan assistance will be provided to qualified inventors, according to LandBank. DOST-TAPI, on the other hand, will use its Invention Guarantee Fund (IGF) for this program.
The maximum loanable amount is PHP12.5 million. LandBank said it will provide 45 percent (or up to PHP5.6 million) while DOST-TAPI's IGF will cover 40 percent (maximum PHP5 million).
The inventor or borrower's equity is 15 percent minimum, which can either be in cash or in kind.
Standard fees and charges usually required by banks will be applied to loan applications. Documentary requirements and collateral documents shall also be prepared.
Also, LandBank interest rate will be 5 percent per annum, while there will be zero interest from DOST-TAPI.
Who are qualified?
Filipino inventors with active intellectual property rights, who are at least 21 years old, with good moral character and who don't have an obligation to DOST-TAPI, can apply for the loan.
Enterprises duly authorized by the inventors to use their patents, as well as state universities and colleges, government agencies with active intellectual property rights are also eligible to apply.
Their projects/inventions must be those that save fossil energy; promote Philippine exports; produce gadgets that lower production costs; result in increased productivity in primary industries; among others.
In a press conference held during the I-TECH launch, DOST-TAPI Director Edgar Garcia said he hopes the program would help ease the investors' burden in raising additional capital to fund the commercialization of their inventions.
He said the DOST-TAPI will spend the remaining months of 2017 to create awareness about TAPI.
Garcia also noted that DOST-TAPI will welcome all qualified borrowers and will not limit the number of applicants, in case many would like to avail of the program. (PNA)