President Duterte has signed Republic Act 11293, or the Philippine Innovation Act.
The act was signed last April 17 but was only released to media on Tuesday, July 16. Under the law, it’s stated that “the government shall adopt a broader view in developing its innovation goals and strategies covering all potential types and sources of innovation.” The law aims to aid the poor and the marginalized sector, enabling the micro, small, and medium enterprises (MSMEs) to be included in the domestic and global supply chain.
A National Innovation Council (NIC) will also be established together with the law to “help develop the innovation goals, priorities, and long-term national strategy.” The NIC will also be tasked to develop products and services “aimed at improving the welfare of low income and marginalized groups, as well as create a livelihood for these sectors.”
The government has allocated an initial fund of PHP 1 billion for the first year of the law’s implementation.
