QUEZON CITY - The National Economic and Development Authority (NEDA) announced plans on Monday to request an increased budget for its Innovation Fund for the coming year, aiming to expand it to PHP200 million.
According to Philippines News Agency, speaking at the 2024 National Innovation Day Celebration at Novotel Manila Araneta City, the proposed budget increase is intended to support broader initiatives, including a new innovation competition.
The agency plans to use part of the increased funds to launch the Presidential Philippine Innovators Award, an ambitious program aimed at recognizing outstanding innovations across the country, including contributions from micro, small, and medium enterprises (MSMEs). Edillon detailed that the award structure would be modeled on high-profile global competitions, featuring finalists and semi-finalists, with the awarding slated for next year after a year-long preparation.
NEDA Secretary Arsenio Balisacan elaborated on the significance of innovation for national growth and sustainable development, highlighting the ongoing development of guidelines for both national and regional innovation competitions. He emphasized that these efforts are crucial for enhancing the country's performance in global innovation rankings.
The Philippines has shown progress in the Global Innovation Index, moving up three places to 56th among 132 economies in 2023. This improvement aligns with the targets set in the Philippine Development Plan 2023-2028, which aims for the country to reach the 43rd position by 2028.