Acting socio-economic planning secretary and NEDA chief Karl Kendrick Chua said the government must be the one to provide the direction and impetus for innovation to prosper.
After the country reached this year its best record in the Global Innovation Index (GII), the Department of Science and Technology is targeting to significantly advance further in two years.
The amount will be used to support industries that will undergo digital transformation and businesses undertaking innovation activities.
A P1-billion Innovation Fund will be established to strengthen entrepreneurship and enterprises engaged in developing innovative solutions benefitting the poorest of the poor.
Sen. Sherwin Gatchalian also urged the House of Representatives to pass the counterpart measure to the Philippine Innovation Act (Senate Bill 1355), which aims to establish a resilient national culture of innovation that will boost the productivity of micro, small, and medium enterprises (MSMEs).
Tarlac representative Victor A. Yap, the chair of the ICT committee in the House of Representatives, has called on his colleagues to pass a bill which would promote innovation and knowledge transfer for economic and social development.