Three inventions under the Innovation and Technology Lending (I-Tech) program of the Department of Science and Technology-Technology Application and Promotion Institute (DOST-TAPI) have received financial support from the Land Bank of the Philippines (LBP).
DOST Secretary Fortunato “Boy” T. de la Peña said Land Bank has approved the financial support for the agency’s three applications for the commercialization of inventions or innovations "for the first quarter of 2021.”
He said funds were released to two inventions-- "Mosquito Larvicide Comprising of Calcium Hydroxide and Clinoptilolite, and the Grains Thermal Speed Drying Tray Assembly."
While, Land Bank is expected to release the funding for "Microbial Inoculants with Extended Shelf Life and Their Preparation."
"The I-TECH Lending Program provides a special lending window through the Land Bank of the Philippines (LBP) to complement the use of the Invention Guarantee Fund (IGF) as provided for in Republic Act No. 7459 known as Inventors and Invention Incentives Act of the Philippines,” de la Peña said.
The law extends financial support to credit-worthy and duly certified Filipino inventors in the commercialization of patented inventions in the country, he said.