Technology Application and Promotion Institute Director Marion Ivy Decena (File photo)
MANILA – The Technology Application and Promotion Institute (TAPI) has allocated an initial PHP16 million for this year to aid the micro, small and medium enterprises (MSMEs) commercialize their innovations.
"It (allocation) can be increased depending on the availability of funds. The amount of assistance per project would depend on the results of evaluations by a committee," TAPI Director Marion Ivy Decena told the Philippine News Agency Thursday.
The aid, Decena said, was through TAPI's Venture Financing Program (VFP).
She clarified that repayment for the funding shall be made in one year, in addition to a maximum six months grace period.
"The loan assistance bears no interest, and has no collateral. We are encouraging our MSMEs to avail of the program," she said, adding that the loan availment is on a first come first served basis.
TAPI announced the call for proposals for this year's VFP last May 6, with deadline on May 31 at 5 p.m.
The TAPI chief said priority will be given to project proposals on food processing; furniture; gifts, housewares, decors; agriculture, marine, aquaculture; metals and engineering; information and communications technology; and pharmaceuticals and health products.
Decena said the loan amount should be 70 percent of the proponent's needed funding for commercialization, but the amount of assistance shall not exceed PHP2 million.
She said that last year, TAPI was able to release PHP8.6 million to aid 13 projects.
Meanwhile, according to the Department of Science and Technology (DOST), Filipino-owned MSMEs existing for at least three years are eligible for the VFP.
Proponents should be duly registered sole proprietors, corporations, partnerships or cooperatives with at least 60 percent of ownership belonging to Filipino citizens.
Eligible proponents should be a technology-based company and must be one of the following: with an active intellectual property filing, an adopter of DOST-generated/funded technology, a previous or current DOST beneficiary, or a technology licensee.
The DOST also noted that proposed projects must currently be in the commercialization phase.
The program guidelines can be viewed on TAPI's website. (PNA)
