THE NATIONAL Economic and Development Authority (NEDA) is proposing to increase next year’s funding for programs and projects that encourage innovation by P100 million.
On the sidelines of the annual National Innovation Day forum, NEDA Undersecretary Rosemarie G. Edillon said economic planners are proposing to double the budget for innovation grants to P200 million.
“For next year, we’re hoping there will be more (funding,) because obviously, there’s a lot of demand,” she told reporters.
The fund supports the government’s push to upskill innovators as authorized by Republic Act No. 11293 or the Philippine Innovation Act.
The proposed funding will form part of NEDA’s budget for next year, which will be submitted to Congress in August.
The government’s National Innovation and Strategy Document (NIASD) identifies key areas for innovation such as learning and education; health and well-being, food and agribusiness; finance; and manufacturing and trade.
The NIASD added that priority areas which also need innovation include public administration; transportation and logistics; security and defense; energy; and the blue economy and water.
The private sector may contribute to the innovation grants, Ms. Edillon said.
By mid-year, NEDA will be meeting with the National Innovation Council ahead of the launch of the Presidential Filipinnovators Award, Ms. Edillon said. The awards are expected to take place next year.
“We are developing the guidelines for now so we put in budget for that, because we want to give national prominence to the importance of innovation as key drivers to sustainable growth,” NEDA Secretary Arsenio M. Balisacan told reporters separately.
The government’s innovation push is expected to generate more jobs, and attract growth and investment.
“By providing some incentives and some ways of recognizing innovation, we hope to be able to prop up and mainstream innovation as part of our culture,” the NEDA Chief added.
The Philippines climbed three sports in last year’s Global Innovation Index (GII), ranking 56th out of 100. — Beatriz Marie D. Cruz
