Question & AnswerQ&A (IRR of Republic Act No. 11293)
The official title is the Implementing Rules and Regulations of Republic Act No. 11293, otherwise known as the Philippine Innovation Act, and are referred to as the "Rules".
The primary purpose is to foster innovation in the country as a vital component of national development and sustainable economic growth.
The National Economic and Development Authority (NEDA), in coordination with the Department of Science and Technology (DOST) and the Department of Trade and Industry (DTI), is responsible.
Innovation refers to the creation of new ideas that result in the development of new or improved products, processes, or services which are then spread or transferred across markets.
The NIC serves as the policy advisory body in the formulation, development, implementation, and monitoring of the country's innovation goals, priorities, and long-term national strategy.
The Bangko Sentral ng Pilipinas (BSP) shall impose administrative sanctions and penalties computed at one-half of one percent (0.5%) of the amount of noncompliance, with 90% of the penalties going to the Innovation Fund and 10% retained by the BSP for administrative expenses.
The types include product innovation, process innovation, organizational innovation, marketing innovation, academic or educational innovation, policy innovation, and social innovation.
The Innovation Fund is established to strengthen entrepreneurship and enterprises engaged in developing innovative solutions, initially funded with a revolving fund amounting to One Billion Pesos (P1,000,000,000) and appropriations included in the annual General Appropriations Act.
April 21 of every year is declared as the National Innovation Day, a special working public holiday to promote public awareness and national support for innovation, and to highlight government and private sector innovation milestones.
Public procurement shall be conducted under Republic Act No. 9184 with guidelines enabling the procurement of innovative goods and services through project-based competition, pre-commercial procurement, and technology diffusion procurement to accelerate innovation.