Government issues P1 Billion for new law which supports small businesses!

In its first-year implementation, the government has issued an initial revolving fund of P1 billion for the Philippine Innovation Act by the government subject to the availability of funds.

On April 17, Duterte has signed Republic Act 11293. On Tuesday, July 16, a copy of the law was released to the media.

“While the country’s innovation goals shall be directed at developing new technologies, it shall likewise seek to harness global knowledge and technology that will aid in developing new processes or services for increasing its productivity and for promoting overall public welfare,” RA 11293 read.

It aims to “remove obstacles to innovation by suppressing bureaucratic hurdles” and “encourage entrepreneurial attitude in order to stimulate growth ambitions in business” especially the micro, small and medium enterprises (MSMEs).

The new law mentions that: “These programs shall include coaching and mentoring in the areas of design; technology extension services; standard business practices in contracting, accounting and project management; quality control; standard-setting; business services such as commercialization and management; patents; among others.”

The director-general of the National Economic and Development Authority will act as vice-chairperson of the NIC while the President shall serve as the chairperson.

The National Innovation Council (NIC) is mandated “to develop the country’s innovation goals, priorities, and long-term national strategy” and “develop strategies to promote the creation of new ideas that will be developed into new and quality products, processes, and services aimed at improving the welfare of low income and marginalized groups, as well as create livelihood for these sectors.”

As a special working public holiday nationwide, April 21 has been declared by law to be National Innovation Day.

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