The Philippines is aiming to attract small and high technology investors to set up business in the country following the launch of the National Intellectual Property Strategy (NIPS) 2020-2025.
The Intellectual Property Office of the Philippines (IPOPHL) said NIPS 2020-2025 identifies key issues and challenges faced in achieving the goals of IP as a tool for innovation, creativity, entrepreneurship, and competitiveness.
To attract small and high technology investors, IPOPHL underscored the need to implement the relevant provisions of the Philippine Innovation Act and Innovation Start-up Act.
Republic Act No. 11337, or the Innovative Start-up Act, provides benefits and programs to further develop start-ups and start-up enablers in the country. A start-up refers to “any person or registered entity in the Philippines which aims to develop an innovative product, process or business model.”
The Philippine Innovation Act, on the other hand, supports innovation activities especially of micro, small and medium enterprises (MSMEs) and to enable them to become part of the global market.
The IPOPHL said the country should also implement the revolving fund mechanism under the Technology Transfer Act.
“Given the recent passage of relevant laws on innovation such as the Philippine Innovation Act, Technology Transfer Act, and the Innovation Start-up Act, the key stakeholders of the IP system are in a perfect place to be instrumental in achieving economic and technological development in the Philippines,” it said.
“It is also imperative to improve the country’s research and development (R&D) innovation performance, and enhance the funding rationalization and operations related to government-funded agencies.”
“It considered IP utilization or commercialization as one of the most important stages of the IP cycle since it is in this stage where IP can be monetized by the creator towards economic and social prosperity.”
The strategies identified under the NIPS are anchored on the acronym SPEED, laid down as:
- S – Support Sectoral Advancement Through the Use of the IP System,
- P – Promote Innovation and Utilization/Commercialization of IP Assets,
- E – Elevate the Creative and Cultural Industries,
- E – Enhance the Legal System, Institutions and Structures Related to Intellectual Property; and
- D – Demystify, Mainstream and Professionalize Intellectual Property.
“Each of these strategic goals sets out a list of doable and well devised strategies and action plans which, if enforced strongly, efficiently and consistently in the next few years, will effectuate success for the IP ecosystem and the whole of the Philippines,” IPOPHL said