Radyo Natin

Gov't urged to fast-track PHL innovation act

MANILA — A Senator on Wednesday urged the government to fast-track the establishment of a comprehensive policy framework on innovation for the country to achieve its long-term growth and development targets.
"The noble vision of a high-income Philippine economy embodied by Ambisyon Natin 2040 can only be realized if we take coordinated steps to build a thriving and inclusive national innovation superstructure," Sen. Sherwin Gatchalian said.
Gatchalian, principal sponsor of Senate Bill No. 1355, also known as the Philippine Innovation Act, said the country's economic potential will depend largely upon the ability to develop and maintain an economy fully capable of sustaining inclusive growth over the next couple of decades.
"The Philippine Innovation Act will be the driving force behind a Philippine innovation renaissance over the next few decades," Gatchalian, chair of the Senate Committee on Economic Affairs, said.
He further described it as a "smart investment" needed to secure the high-income future of the Philippines.
SBN 1355, which is currently approved on second reading, will undergo third and final reading when the Senate session resumes this May.
Under the measure, Gatchalian seeks to establish an inter-agency body, a National Innovation Council (NIC), which will be tasked to formulate a National Innovation Agenda and Strategy Document (NIASD).
The NIASD is a strategic long-term roadmap to define the country's vision for innovation and improve inn ovation governance through the rationalization and coordination of innovation efforts across public and private agencies.
Also under SBN 1355, P1 billion would be also allocated to an Innovation Fund designed to finance innovation grants for entrepreneurship and provide support to enterprises engaged in developing innovative solutions that benefit the poorest of the poor. (PNA)
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Last Modified: 2017-Dec-12 06.25.00 UTC+0800