DTI, Singapore venture firm to launch Filipino biotech competition

Tapping into the potentials of the local biotechnology industry, the Philippines’ trade and investments agencies have partnered with a Singapore venture builder firm to launch a biotech competition for Filipino innovators. The Board of Investments (BOI), Department of Trade and Industry – Competitiveness and Innovation Group (DTI-CIG), and Singapore-based Heal Venture Lab. (HVL) signed a Memorandum of Understanding (MOU) in Makati City on Feb. 22. Its signatories include BOI Managing Head and Trade Undersecretary Ceferino Rodolfo, Trade Undersecretary Rafaelita Aldaba and HVL Managing Partner Dr. Jaemin Park. The competition seeks to find the most innovative biotechnology and medical devices applications in biomedicine made by Filipino talent in the country. Development of these biotech products would hopefully yield greater investments in the local sector. Making it Happen with HVL to feature Filipino’s ingenuity: BOI Managing Head and Trade Undersecretary Ceferino Rodolfo (2nd from left) and Trade Undersecretary for Competitive and Innovation Group Rafaelita Aldaba (1st from left) signed the MOU with Heal Venture Lab (HVL) officials at the BOI Main Office in Makati City on Feb. 22, 2024. Rodolfo stressed the BOI’S commitment to boosting the biotech sector as the country’s leading investment promotion agency. “It is high time to broaden our understanding of the commercial value of biomedicine and growing public health awareness of stakeholders,” he added. (Khriscielle E. Yalao)