The country aims to attract small and high technology investors to set-up business here, as it promotes innovation and utilization or commercialization of intellectual property (IP) assets deemed vital to the economic development.
The Intellectual Property Office of the Philippines (IPOPHL) has launched its National Intellectual Property Strategy (NIPS) 2020-2025 which 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, the NIPS 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 Startup Act, provides benefits and programs to further develop startups and startup enablers in the country. A startup 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 NIPS 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.
The NIPS further 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,” it
The NIPS also hoped that government agencies, universities, researchers, inventors, creators, the business sector, consumers, and IP advocates, will find the urgency to unite to achieve a high level of appreciation and utilization of the IP system.
“While earlier efforts to upscale the country’s innovation and creativity environments are bearing fruitas evidenced by the increased local IP filings, Philippines’ impressive advancements in the Global Innovation Index report, among othersmuch still needs to
be done for local societies to understand the value adding role of IP, and how this can be used as a competitive strategic tool by innovators and creators,” it added.