Legarda Reiterates Need for Innovation to Induce Growth and Development

Wednesday, February 23, 2022

It's been three years since the Philippine Innovation Act has been enacted and its author Senator Loren Legarda reiterates the importance of innovation in order to spur growth in the country.

She has previously spent three terms in the Senate and has placed these as key strategies in order to see economic development in the Philippines. The Republic Act No. 11293 will intensify the capabilities of micro, small and medium enterprises to compete with other businesses by utilizing advancements in science and technology and source needed change in these sectors.

Ms. Loren pushed adequate response from the National Economic and Development Authority, the Depart of Trade and Industry, plus the Department of Science and Technology in order to fund these projects and benefit various sectors including MSME's who are in need of expertise in the fields of finance, design, technology, marketing, quality assurance, promotion and intellectual property rights so they too can protect themselves. She sets the DOST and the Universiyty of Antique partnerships which bore fruit to great value in existing programs that produced needed support in the region that utilized agricultural produce and resources from the same province. It generated employment and opportunities for individuals and entrepreneurs in their respective municipalities. This resolved problems in malnutrition as people got work and pay, to put food on the table.

She also has seen the cooperation of the Department of Trade and Industry and the Don Mariano Marcos Memorial State University in Bacnotan, La Union, funded by her office in 2018 which gives access to capital, skills training and assistance. This benefited fisherfolk, traditional weavers and farmers who work on fabrics like abaca, pineapple and banana that are naturally grown and sought after by international designers.

Ms. Loren says "We need to see effective implementation and proper funding for programs under the Philippine Innovation Act so we can help MSME's to sustain and promote their trade. This is done not just locally, but for the global market. This will surely benefit a lot of Filipinos." and I agree with that.


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