THE National Innovation Council (NIC) aims to double the grants extended by the Innovation Fund next year, according to the National Economic and Development Authority (Neda).
On the sidelines of the Filipinnovation forum last Monday, Neda Undersecretary for Planning and Policy Rosemarie G. Edillon told reporters that this means the fund could reach P200 million for 2025.
For the P100 million amount set aside for the fund in 2024, Edillon said the government will make a call for grant financing by the third quarter.
“For next year, we’re hoping there will be more. Kasi obviously there’s a lot of need, request, laki talaga ng demand,” Edillon told reporters.
Edillon said should the requested amount not be granted, the government is open to accept assistance from the private sector through a form of Public Private Partnership (PPP).
Meanwhile, a doubling of the fund may not lead to more projects. Edillon said if the amount is granted, a portion of the amount will be used to finance the plan of the NIC to launch a Presidential Philippine Innovators Award.
The award seeks to recognize the innovation efforts of all entrepreneurs or Micro, Small and Medium Enterprises (MSMEs) and even students.
“We are developing the guidelines for now. So we put in a budget for that. (It’s) because we want to give national prominence to the importance of innovations as key drivers to sustainable growth,” Socioeconomic Planning Secretary Arsenio M. Balisacan said.
Balisacan said the awards will act as an incentive for innovators and will contribute to efforts creating a culture of innovation, similar to other Asian countries like South Korea which is known for its innovative culture.
“It will be an open invitation na siya. Kasi we also want to be able to include even yung mga MSMEs, ganyan. So not just government instrumentalities,” Edillon said.
“Siguro we will be announcing it, na pinipre-empt ko na. Well, after we present it to the National Innovation Council. We’re having the meeting, I think, in June. So baka mga July,” she added.
In his speech on Monday, Balisacan said since the Philippine legislature passed the Philippine Innovation Act in 2019, the government has spent P163 million for 38 innovative projects.
Balisacan said these include novel solutions developed by local government units and state universities and colleges or SUCs that address pressing challenges such as access to clean water, food and energy.
These also cover initiatives that aim to make innovation facilities accessible to innovators locally, demonstrating our commitment to strive for a smart and innovative Philippines.
“Our country carries great potential to become a pivotal innovation player in the region. May this year’s National Innovation Day pave the way for engaging fruitful discussions that lead to long-lasting connections and productive collaboration,” Balisacan said.
Last year, the NIC launched the National Innovation Agenda and Strategy Document (NIASD) for 2023-2032.
With the theme “Reshaping the Future, Advancing Filipinnovation”, the launch aimed to ignite enthusiasm, foster collaboration and engage all innovation stakeholders in the implementation of the innovation agenda and strategies that will promote Filipinnovation, the whole-of-nation call and commitment to accelerate Philippine progress through innovation.
The NIASD outlines the 10-year vision, long-term goals and strategies for improving the country’s innovation priorities and governance. The document describes the country’s unwanted and wanted futures, which are anchored on Filipinos’ collective aspiration for a “matatag, maginhawa at panatag na buhay,” or the “AmBisyon Natin 2040.”
The document is aligned with the Philippine Development Plan (PDP) 2023-2028, which identifies the creation of a dynamic innovation ecosystem as one of its six cross-cutting strategies to sustain rapid and inclusive growth.
The NIASD 2023-2032 also underscores the government’s commitment to providing an enabling environment that supports entrepreneurs and innovation actors, through five innovation enablers, namely: the NIC as the innovation governing body, policies, infrastructure, finance and programs.