NEDA seeks higher budget for Innovation Fund for 2025

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon told media they hope to double their Innovation Fund to P200 million next year from their current P100 million outlay.

Edillon shared the information with reporters on the sidelines of the 2024 National Innovation Day Celebration at the Novotel Manila Araneta City in Quezon City. She said that aside from funding innovative projects, part of NEDA’s plan is to launch the Presidential Philippine Innovators Award.

“Another thing that we’re thinking about for this year is to launch a Presidential Philippine Innovators Award. We will launch the program the actual awards will be next year. So one whole year of preparation for that. (We want it to be like Miss Universe. There’s a finalist and there’s a semi-finalist,” she said.

Edillon said the award program “will be an open invitation. We also want to be able to include even the MSMEs (micro, small and medium enterprises). So not just government instrumentalities,” she added.

NEDA Secretary Arsenio Balisacan, for his part, said NEDA is currently developing the guidelines for the awards. “We are launching an innovation competition –national and also regional. We are developing the guidelines for now, so we need to put in a budget there for that, because we want to give national prominence to the importance of innovation as key drivers to sustainable growth,” he explained.

Balisacan, in his speech during the event, said innovation is a significant driver of growth and development. “For this reason, we pay particular attention to how we, as a nation, perform in terms of our systems and institutions for innovation governance,” he stressed.

The Philippines ranks 56th among 132 economies in the 2023 Global Innovation Index ranking, up three places from its previous standing in 2022 and surpassing the annual target set in the Philippine Development Plan 2023-2028.

The government aims to secure the 43rd rank by 2028. (PNA)