Senator Sherwin Gatchalian lauded President Rodrigo Duterte for signing a landmark law that would put innovation at the center of the country’s national development policies and making innovation a major driver of economic development.
President Rodrigo Duterte signed into law the Philippine Innovation Act (Republic Act 11293), which aims to establish a resilient national culture of innovation that will boost the productivity of micro, small, and medium enterprises (MSMEs) on April 17. A copy of the law was only released to the media on Tuesday.
“The Philippine Innovation Act was inspired by our vision to put innovation at the center of the country’s national development policies and make innovation a major driver of economic development that will build the foundation of a more inclusive future. We thank President Rodrigo Duterte for finally turning this vision into a reality after signing this landmark bill into law,” Gatchalian said in a statement.
Gatchalian said the Philippine Innovation Act will develop a National Innovation Agenda and Strategy Document that will deepen and accelerate inclusive innovation programs that target the poorest of the poor.
He added that a National Innovation Fund would be created to “support every Juan de la Cruz with innovative ideas that will benefit the poorest of the poor.”
An amount of PHP1 billion was allocated for the first-year implementation of the new law.
“This law aims to harness innovation efforts to help the poor and the marginalized as well as enable MSMEs to be a part of the domestic and global supply chain,” he said.
“With the implementation of this law, I look forward to a thriving and growth-fueling national innovation system, which will cure our highly fragmented innovation governance system,” he added.
The law provides for the creation of a National Innovation Council (NIC), chaired by the President, to develop the country’s innovation goals, priorities, and long-term national strategy. (PNA)
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