National Economic and Development Authority(NEDA)

August 16, 2023 Dear Karl Simon Revelar, Greetings! Thank you for your request dated Aug 08, 2023 12:34:52 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch. Your Request You asked for Details about the Innovation Development Credit and Financing Program. Response to Request The National Innovation Council (NIC) Secretariat, under NEDA, is currently engaged in the design and development of the Innovation Development Credit and Financing, as mandated by Section 22 of Republic Act 11293 also known as the Philippine Innovation Act. As part of its initial endeavors, the NIC Secretariat held a consultation meeting with concerned government offices to discuss the potential approaches for implementing the provisions of the said Act and their feasibility. During the meeting, the significance of Intellectual Property (IP) was clarified, highlighting the pivotal role it plays in financing innovation among MSMEs. Furthermore, the importance of establishing a robust and standardized valuation system for IP was emphasized as a critical component for effectively developing an Innovation Development Credit and Financing Program (IDCFP). In line with these goals, the NIC Secretariat is currently developing a policy framework on IP-backed financing in the Philippines. By establishing such a framework, it aims to instill confidence within banks and other financial institutions to provide loans for MSMEs to support their innovation undertaking and develop their capability to successfully commercialize these solutions. Once the policy framework is finalized, it will be published and disseminated to all relevant stakeholders. We trust that this response adequately addresses your query. Your right to request a review If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to [email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request. If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011). Thank you. Respectfully, NEDA FOI Clearance Officer