The Philippine Innovation Act – legislation that will provide part of the framework for the next stage of the country’s economic development – is set to be formally adopted next year. According to the country’s National Economic and Development Authority (NEDA), it is now close to finalizing the precise implementation rules and the fine details of the related regulatory environment. Spelling out the overall position, Ernesto M. Pernia, the country’s socioeconomic planning secretary, said the government is looking to put in place a National Innovation Agenda Strategy Document, which will determine long-term goals, act as the key road map and designate certain areas as innovation priorities.
In line with this, a National Innovation Council – with a brief to identify innovation priorities and determine long-term strategy – is also to be established, while a PHP1 billion Innovation Fund will be set up as a means of supporting any business committed to developing innovative solutions. Outlining the priorities for the country, Pernia said it was crucial to maximize the uptake of cutting-edge technology, such as data analytics, in order to formulate new solutions and deliver new goods and services. As proof of its importance, he cited the need for the country to continually successfully reinvent its information technology-business process outsourcing sector, which accounts for 10% of GDP and 15% of formal employment.