Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1423)
The policy of the Government is to ensure that deserving inventors are adequately encouraged and supported through appropriate incentives, particularly in the production and marketing of useful inventions.
The purpose is to update and make the Philippine Inventors Incentives Act more responsive to the needs of local inventors.
'Invention' means any new and useful machine, manufactured product or substance, process or any improvement thereof that satisfies the requirement of novelty, utility, and operativeness.
'Innovation' or Utility Model refers to any new model of implement or tools of any industrial product or part of the same which does not possess the quality of invention but is of practical utility by reason of its form, configuration, construction or composition.
'Industrial Design' is defined as any new original and ornamental design for an article of manufacture.
They can receive financial aid to develop, perfect, and produce their inventions, utility models, or industrial designs duly patented or pending patent, up to pilot plant scale to demonstrate operability and industrial application under certain terms and conditions.
It is a fund of six million pesos managed by the Development Bank of the Philippines to guarantee the unsecured portion of industrial loans for the exploitation and manufacture of patented Filipino inventions, utility models, or industrial designs.
The committee is composed of representatives from the Department of Industry, National Economic and Development Authority, National Science Development Board, Department of Trade, and Development Bank of the Philippines.
Certification by the Philippine Inventors Commission that the invention, utility model, or industrial design is responsive to technological research priorities and industrial and national government requirements.
Their manufacture is exempted from taxes, license fees, and permit fees, except customs duties and charges on imports, for the first five years from the date of the first sale, subject to certain conditions including ownership, capitalization, and the keeping of separate books of accounts.