Question & AnswerQ&A (Republic Act No. 11293)
The short title of Republic Act No. 11293 is the "Philippine Innovation Act."
The main policy declared is to foster innovation as a vital component of national development and sustainable economic growth, placing innovation at the center of its development policies with a focus on inclusive development and MSMEs.
Innovation refers to the creation of new ideas that result in the development of new or improved policies, products, processes, or services which are then spread or transferred across the market.
The objective is to generate and scale up action at all levels and areas of education, training, research and development towards promoting innovation and internationalization activities of MSMEs as drivers of sustainable and inclusive growth.
The NIC develops the country's strategic vision and innovation goals, ensures policy coherence, monitors programs, administers the Innovation Fund, communicates innovation policies, and submits annual progress reports to Congress, among other functions.
The NIC is composed of the President (Chairperson), NEDA Director General (Vice Chairperson), Secretaries of various government departments including Science and Technology, Trade and Industry, Agriculture, and several others, plus seven executive members appointed by the President from business, academe, and scientific communities.
The Innovation Fund is established to strengthen entrepreneurship and enterprises developing innovative solutions benefiting the poorest of the poor, providing grants administered by the NIC.
Banking institutions must set aside at least four percent (4%) of their total loanable funds for innovation development credit.
Penalties are administrative and monetary, computed at one-half of one percent (0.5%) of the amount of noncompliance or under-compliance, with 90% of the penalties going to the Innovation Fund and 10% to the Bangko Sentral ng Pilipinas for administrative expenses.
The NIC shall develop strategies to create new products, processes, and services aimed at improving the welfare of low-income and marginalized groups, including promoting women's participation and social innovation to improve community life.
The scope covers all potential types and sources including product, process, organizational, social, marketing, academic or educational, and policy innovation, incorporating new technologies as well as global knowledge and technology.
It is an approach that facilitates engagement across all relevant government agencies to ensure full and effective implementation of the innovation agenda, promoting coordination among various departments and stakeholders.
April 21 of every year is declared as the National Innovation Day, a special working public holiday to promote public awareness of innovation.
'Traditional knowledge' means the body of knowledge, innovations, systems, and practices of indigenous peoples and local communities developed and passed down through generations forming part of cultural heritage or spiritual identity. 'Traditional cultural expressions' refer to forms in which traditional culture is expressed and passed on, becoming part of a community's identity and heritage.
IPOPHL promotes registration and protection of intellectual property rights of scientists, inventors, and innovators to prevent misappropriation, and streamlines administrative procedures to assist MSMEs in IP registration.
The NIC and member agencies shall eliminate regulatory barriers like procurement rules and reduce red tape by streamlining government processes, including completing business application and renewal within 3 working days.
An Innovation Alliance is a coalition of technology companies, academic or educational institutions, MSMEs, and other organizations that collaborate to support innovative efforts and enterprises.
The Act establishes the Diaspora for Innovation and Development Program to mobilize Filipino talents abroad by coordinating mechanisms for their involvement in science, technology, and innovation efforts.
Cluster policies are strategies to support geographic concentrations of interconnected firms and actors to promote regional innovation and development, implemented through a Cluster Development Program.