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Manila Bulletin devider Business devider NEDA to double funding for innovation projects

NEDA to double funding for innovation projects

Published Apr 22, 2024 08:03 am

The National Economic and Development Authority (NEDA) said the government is planning to allocate P200 million for innovative projects and programs next year.

NEDA Undersecretary Rosemarie G. Edillon told reporters that it will propose to double the budget for projects that support enterprises engaged in innovative ideas.

The 2024 General Appropriations Act granted P100 million to the NEDA’s Innovation Fund which financed 25 innovation projects from different state universities and government institutions.

For 2025, the NEDA also plans to include private entities in the fund, such as micro, small, and medium-sized enterprises, which will be selected through a “Miss Universe” fashion.

“Another thing that we're thinking about for this year is to launch a Presidential Philippine Innovators Award. So ila-launch siya, pero the awarding will be next year. So one whole year of preparation for that. Gusto namin mala-Miss Universe ba, may finalist, may semi-finalist,” Edillon said on the sidelines of 2024 National Innovation Day Celebration.

NEDA Secretary Arsenio M. Balisacan said that the Innovation Fund is currently available to government instrumentalities, noting that they will work it out with Congress to figure in private individuals.

“We are developing the guidelines for now so we put in budget there for that, because we want to give national prominence to the importance of innovation as key drivers to sustainable growth,” Balisacan told reporters.

Based on the National Innovation Agenda and Strategy Document, the government will prioritize innovative projects in five categories: institutions, human capital and research, infrastructure, market sophistication, and business sophistication.

The president and NEDA secretary serve as the chairperson and vice chairperson of the National Innovation Council, respectively, as mandated by the Philippine Innovation Act to develop the country’s innovation goals, priorities and long-term national strategy.

The country was ranked 56th among 132 economies in the 2023 Global Innovation Index, an increase of three places from its previous standing in 2022 and surpassing the annual target set in the Philippine Development Plan 2023-2028.

Related Tags

National Innovation Council National Economic and Development Authority (NEDA)
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