Requested from NEDA by K. Revelar at 12:34 PM on
Aug 08, 2023.
Purpose: For research on financing of innovation in PH MSMEs
Date of Coverage: 07/08/2019 - 08/08/2023
Tracking no: #NEDA-881131176411
Revelar 12:34 PM, Aug 08, 2023
Dear NEDA,
As main agency mandated by the Philippine Innovation Act, NEDA is tasked to create an Innovation Development Credit and Financing Program as per Section 22 of said Act. May I ask for details of the implementation of IDCFP, financing schemes, and beneficiaries, if possible.
Thanks.
Receiving Officer 11:58 AM, Aug 15, 2023
August 15, 2023
Dear Karl Simon,
Thank you for your request dated Aug 08, 2023 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Details about the Innovation Development Credit and Financing Program.
We received your request on Aug 08, 2023 and will respond on or before Aug 31, 2023 12:34:52 PM, in accordance with the Executive Order's implementing rules and regulations.
Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEU5FREEtODgxMTMxMTc2NDExDA, for request with ticket number #NEDA-881131176411.
Thank you.
Respectfully,
NEDA FOI Receiving Officer
Clearance Officer 02:23 PM, Aug 16, 2023
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 foi@neda.gov.ph. 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
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