NEDA seeks higher budget for Innovation Fund for 2025

By Anna Leah Gonzales

April 22, 2024, 10:01 pm

MANILA – The National Economic and Development Authority (NEDA) on Monday said it will seek a bigger budget for its innovation fund next year, a portion of which will be used for an innovation competition.

NEDA Undersecretary Rosemarie Edillon told reporters on the sidelines of the 2024 National Innovation Day Celebration at the Novotel Manila Araneta City in Quezon City, that they are hoping to double the Innovation Fund to PHP200 million next year from the current PHP100 million budget.

Aside from funding innovative projects, Edillon said part of NEDA's plan is to launch the Presidential Philippine Innovators Award.

"Another thing that we're thinking about for this year is to launch a Presidential Philippine Innovators Award. So ilo-launch siya, pero (So we will launch but) the awarding will be next year. So one whole year of preparation for that. Gusto namin mala Miss Universe ba? May finalist, may semi-finalist. (We want it to be like Miss Universe. There's a finalist and there's a semi-finalist)," said Edillon.

"It will be an open invitation. We also want to be able to include even the MSMEs (micro, small and medium enterprises). So not just government instrumentalities," she added.

NEDA Secretary Arsenio Balisacan, for his part, said NEDA is currently developing the guidelines for awards.

"We are launching an innovation competition national and also regional. We are developing the guidelines for now, so we put in budget there for that, because we want to give national prominence to the importance of innovation as key drivers to sustainable growth," Balisacan said.

Balisacan, in his speech during the event, said innovation is a significant driver of growth and development.

"For this reason, we pay particular attention to how we, as a nation, perform in terms of our systems and institutions for innovation governance," Balisacan said.

The Philippines ranks 56th among 132 economies in the 2023 Global Innovation Index ranking, up three places from its previous standing in 2022 and surpassing the annual target set in the Philippine Development Plan 2023-2028.

The government aims to secure the 43rd rank by 2028. (PNA)