The National Economic and Development (NEDA) said it is pushing for the full implementation of the Philippine Innovation Act that would further solidify economic growth prospects and improve the country’s global innovation index by encouraging more research and development, and adaptation of new technologies.
As vice-chair of the National Innovation Council (NIC), NEDA is spearheading the crafting of the National Innovation Agenda and Strategy Document (NIASD), a 10-year foresight plan to weave and harmonize existing policies and strategies based on the evolving innovative ecosystems.
Socio-economic Planning secretary Karl Chua revealed that in 2022, the NIC would be tasked to manage the P1-billion innovation fund to strengthen and support enterprises engaged in developing innovative solutions to address the concerns of the people especially those who are vulnerable and most in need.
“Innovation is not simply about cutting-edge technology, rather at its core, innovation is about working together to find the best solutions to our most pressing problems – even basic ones in agriculture and financial inclusion, where many of us benefit, but the far majority have yet to benefit,” said Chua.
Chua urged everyone to play a role in strengthening innovation culture. “We look forward to working with our partners in the public and private sector towards our shared vision of a country free from extreme poverty,” he added.
He also cited that the importance of easing the restrictions on foreign ownerships, especially telecom and transport that would help the Philippines attract more investments and create more and better jobs that are crucial to accelerating the country’s economic recovery.
“For instance, the merger of Indonesian tech giants GoJek, a ride-hailing app, and Tokopedia, an e-commerce platform, created Indonesia’s most valuable start-up company which is majority owned by foreigners. Japan’s SoftBank and China’s Alibaba are their largest shareholders, and the latest estimated value of their firm is around $40 billion. To put this into Philippine perspective, a Philippine firm with this valuation would make it the most valuable company in the Philippine Stock Exchange,” Chua added.
Last Dec. 15, the Senate passed on third and final reading the bill that would open up the Philippines to more foreign investors. Senate Bill (SB) 2094 seeks to amend the 85-year-old Commonwealth Act No. 146, known as the Public Service Act, and ease the restriction on foreign investments in public services.
