PRRD signs Philippine Innovation Act

MANILA -- President Rodrigo Duterte has signed a law which 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.

A copy of Republic Act 11293 or the Philippine Innovation Act, which Duterte signed on April 17 this year, was released to the media on Tuesday.

Under the law, "the government shall adopt a broader view in developing its innovation goals and strategies covering all potential types and sources of innovation."

The law establishes the National Innovation Council (NIC) to develop the country's innovation goals, priorities, and long-term national strategy.

The NIC will be tasked to develop a National Innovation Agenda and Strategy Document (NIASD) to establish the country's vision and long-term goals for innovation and provide a road map and the strategies for improving innovation governance.

The NIC must identify strategies to stimulate regional capacity for development that can contribute to differentiated innovation strategy across regions in the medium term.

It must develop strategies towards promoting MSMEs internationalization and participation in the local and global value chains.

Through a startup MSME innovation development program, the government shall mobilize its various agencies to work hand in hand with private organizations to provide technical and/or financial support programs for the development training of entrepreneurs. (PNA)