BILL’S APPROVAL HAILED
Government support for innovation, such as through grants from the upcoming National Innovation Council, will “jumpstart the development of solutions and encourage other” tech startups, says Michael Cubos, president of the Innovation Council of Cebu.
Cebu’s business leaders lauded the approval of the Philippine Innovation Act, which calls for the creation of the interagency National Innovation Council (NIC), saying this will give Cebu, in particular, an edge in this age of the innovation economy.
“The passage of the Philippine Innovation Act can’t be more timely, especially for us here in Cebu. We recognize the significance of the co-existence of entrepreneurship and innovation in growing our Cebu economy,” said Melanie Ng, president of the Cebu Chamber of Commerce and Industry (CCCI).
The Senate has passed on third and final reading a bill that seeks to adopt innovation as a vital component of the country’s development.
Sen. Sherwin Gatchalian, principal author of Senate Bill 1355 or the Philippine Innovation Act, said the measure sought to make innovation a major driver of economic growth.
According to Ng, with innovation, Cebu can grow faster by developing a more digital and innovation-led business environment. CCCI has initiated the organization of the Innovation Council of Cebu (ICC). She said that with the help of the Department of Trade and Industry, Cebu would be able to build and develop a culture of “innovation inclusiveness” throughout the province.
“The Innovation Council is really happy with this development. Every tech community has been clamoring for support for
The government shall adopt a broader view in developing its innovation goals and strategies covering all potential types and sources of innovation, including product innovation; process innovation; organizational innovation; social innovation; marketing innovation, among others. SENATE BILL 1355
years and finally it’s here,” said ICC President Michael Cubos.
“The key areas of innovation are very good and strategic. Although this only comprises about 20 to 30 percent of the startups/ tech in Cebu, this can jumpstart the development of solutions in these areas and can encourage others to follow,” he added.
Jun Sa-a, managing director of the Cebu Educational Development Foundation for Information Technology (Cedf-IT), said the law would encourage more innovation from the small and medium enterprises (SMEs) sector, research and development institutions, and local communities.
Under the bill, the NIC will prepare a long-term road map based on innovation and coordination of such efforts in both the private and public sector. It would also be tasked to administer a P1-billion Innovation Fund, “from which grants would be issued to strengthen enterprises developing innovative solutions for the poorest of the poor.”