As President Ferdinand R. Marcos Jr. shared his vision of strengthening the country’s innovation ecosystem, the Department of Trade and Industry (DTI) said it aims to introduce amendments to the Republic Act 8293 or the Intellectual Property (IP) Code of the Philippines.

At the 2024 post-State of the Nation Address (SONA) Discussions in Pasay City Tuesday, DTI Secretary Alfredo Pascual said he will recommend to President Marcos some amendments that will intensify the enforcement of IP law.

“To support the startups, we need a strong intellectual property law. We have an existing one and I’m going to present to the President, hopefully soon, the proposed amendments to this law so we can strengthen the enforcement of the law and the further protection of intellectual property owners against piracy and counterfeiting,” he said.

In a message to trade reporters, DTI Undersecretary Jose Edgardo Sunico said the amendments eye a modernized IP framework enhancing the enforcement against online piracy, and boost IP education.

“This will create a safer digital environment, foster innovation, and support economic growth while ensuring we meet international standards,” Sunico said.

Meanwhile, Pascual said providing support and protecting Filipino startups will drive innovation and the adoption of technology in the country to back President Marcos’ vision of an investment-led growth.

The Chief Executive, in his third SONA Tuesday, said he wanted an investment-led growth to sustain the current economic gains.

Pascual said his agency is taking the lead in promoting startups.

He said the DTI has various programs that supports startups from their formation through the Incubation, Development, and Entrepreneurship Advance (IDEA); acceleration stage through the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVANCE); and advance stage through the Global Acceleration Program (GAP).

Pascual said through these programs, the DTI is assisting 130 startups in the fields of agricultural technology, financial technology, and educational technology, among others.

He said in partnership with the Asian Development Bank, the government is putting up the National Innovation Gateway. Through this gateway, the country aims to produce “technological unicorns.” A unicorn is a startup company with a valuation of USD1 billion without being listed in the stock market.

Pascual said the National Development Company is also investing in startups through the Startup Venture Fund. (PNA)