MANILA – The Marcos administration is seeking hefty allocation for its innovation and technology initiatives in 2024 to foster socioeconomic growth and development in the country, the Department of Budget and Management (DBM) said on Tuesday.
In a statement, the DBM said that under the 2024 National Expenditure Program, around PHP25.94 billion would go to the Department of Science and Technology (DOST), including PHP8.23 billion for the Grants-in-Aid Program.
The DBM said about PHP3.61 billion would be used to support the National Science and Technology Agenda, such as the Science for Change and Small Enterprise Technology Upgrading Programs.
It said some PHP1.33 billion would be allotted for the research and development (R&D) initiatives of state universities and colleges.
The National Economic Development Authority's (NEDA) Innovation Fund, meanwhile, would get PHP100 million to support enterprises engaged in developing innovative solutions to benefit the country’s underprivileged sectors.
During the Central Luzon State University's (CLSU) 2023 Research Innovation and Development (RIDe) Festival on Monday, DBM Secretary Amenah Pangandaman said a robust innovation ecosystem could help create jobs, increase productivity and enhance the country's competitiveness.
Pangandaman said establishing a dynamic innovation ecosystem is at the heart of the socioeconomic transformation agenda of the government’s Philippine Development Plan (PDP) 2023-2028.
"It is for this reason that the present administration is investing heavily in innovation and technology," Pangandaman said in a keynote speech delivered at the CLSU auditorium in Muñoz, Nueva Ecija.
"The PDP outlines that, over the medium term, the government will provide a nurturing environment for basic research and development or R&D and knowledge creation; support market-driven and customer-centered R&D; scale up technology adoption, utilization, and commercialization; and promote an innovative culture and entrepreneurship,” she added.
Pangandaman also introduced "Filipinnovation,” a whole-of-government approach to inclusive innovation.
“Through Filipinnovation, we eliminate silos [separations in business resources], as government agencies no longer work in isolation, and consequently, the impact of government funding is optimized with a multiplier effect," she said. (PNA)
