President Rodrigo Roa Duterte signed Philippine Innovation Act which aims to help the micro,small, and small enterprises (MSMEs) to be apart of the domestic and global supply chain.
Through this law, MSMEs are aimed to be boost through innovations.
“The law establishes the National Innovation Council (NIC) to develop the country’s innovation goals, priorities, and long-term national strategy”, Philippine News Agency(PNA) reported.
“The NIC must identify strategies to stimulate regional capacity for development that can contribute to differentiated innovation strategy across regions in the medium term,” report added.
This enables MSMEs to be more competitive.
Moreover, the government will thoroughly adopt the goals and strategies of potential innovations and its sources.
National Innovation Agenda and Strategy Document (NIASD) will mandate the vision and goals of country’s innovation. Also, the NIC is tasked for the development of NIASD.
Under the Philippine Innovation Act, NIASD shall provide strategies and road maps to also improve the innovation governance.
Specifically, it will focus on providing strategies in making MSMEs to go globally and also participate in various local and global value chains.
MSME innovation development program will enable the government to organize in developing the public and private partnerships to provide technical and financial supports for the aspiring entrepreneurs.