October 6, 2024 | 12:00am
MANILA, Philippines — The government will continue to prioritize efforts to promote and strengthen innovation to drive economic growth following improvements in the country’s global innovation ranking, the National Economic and Development Authority said.
In a statement, NEDA Secretary Arsenio Balisacan said the country’s advancement in the 2024 Global Innovation Index (GII) released by the World Intellectual Property Organization (WIPO) late last month clearly reflects the government’s commitment to fostering a culture of innovation and enhancing competitiveness.
“Our focus remains on making innovation a key driver of sustainable economic growth that benefits every Filipino,” he said.
The 2024 GII showed the Philippines climbed three notches to 53rd out of 133 economies from 56th last year.
The country’s 2024 GII rank also surpasses the government’s target of placing 54th this year under the Philippine Development Plan.
In the GII report, WIPO recognized the Philippines for ranking third among 38 lower-middle-income economies, following India and Vietnam.
It also cited the Philippines as one of the middle-income economies that have made the most significant ranking improvements since 2013.
To promote innovation, the National Innovation Council (NIC), chaired by President Marcos, is implementing key initiatives outlined in the National Innovation Agenda and Strategy Document (NIASD) 2023 to 2032.
Among these initiatives is an innovation fund, with the third cycle amounting to P100 million to support projects.
In addition, the NIC will hold the National and Regional Innovation Awards and Competitions next year to recognize outstanding Filipino innovations.
The NIC is also conducting studies on policy reforms to eliminate barriers to innovation, as well as on scholarships and talent retention, innovation infrastructure and the development of a regulatory framework for new and emerging technologies.
Government agencies such as the Department of Science and Technology, Department of Trade and Industry and Intellectual Property Office of the Philippines are also carrying out initiatives to boost research and innovation.
“With these ongoing efforts, we are well-positioned to further strengthen our global standing and contribute to our goal of a smart and innovative Philippines, as envisioned in the NIASD 2023 to 2032 and AmBisyon Natin 2040,” Balisacan said.
The Philippines aims to rank 43rd in the GII by 2028 under the PDP.
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