December 8, 2024 | 12:00am
MANILA, Philippines — The Intellectual Property Office of the Philippines (IPOPHL) is planning to launch an IP valuation service next year to enable creators to access financing from banks and commercialize their creations.
In an interview with reporters, IPOPHL director general Rowel Barba said the plan is to make the new service available “hopefully, in the middle of next year.”
The service is aimed at helping creators gain access to bank financing by using their IP asset as collateral.
The financing can then be used by creators to support the commercialization of their creation.
Barba said government financial institutions like the Development Bank of the Philippines can be approached by the IPOPHL to support IP financing once the IP valuation service is available.
Despite IPOPHL’s emphasis on IP as a tangible asset, he said banks do not accept it as collateral for loans because they have no capacity to determine its value.
He also said IP creators like game developers who want to sell their games have approached the IPOPHL to seek guidance on how to value their creation.
The IPOPHL, however, lacks the capacity to assess the IP asset’s value.
To be able to provide the IP valuation service, Barba said the IPOPHL’s priority is to build its capacity to assess the value of IP assets.
He said other countries like Japan and South Korea have an IP valuation service and their state-run banks are providing financing to support creators.
“So we will study the different models of valuation in the world. Then, we will see what best fits here in the Philippines,” he said.
Building systems for IP valuation and commercialization is among the key strategies of the Philippine IP Strategy (PHIPS) for 2025 to 2030, which seeks to unlock the full economic potential of homegrown IP assets.
Under the PHIPS, the goal is to position the Philippines as a global hub for creativity and innovation, as well as to promote IP creation, protection and commercialization to support economic growth.
Meanwhile, the Philippine Exporters Confederation Inc. is endorsing the reappointment of Barba as IPOPHL director general.
“Philexport wholeheartedly endorses DG (director general) Barba’s reappointment. His expertise and commitment are instrumental in advancing our shared goal of making the Philippines a leader in global trade and innovation,” the group said.
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