By Komfie Manalo
Trade Secretary Alfredo Pascual is calling for a review of Republic Act 8293, or the Intellectual Property (IP) Code of the Philippines, to significantly boost the country's innovation in line with President Ferdinand R. Marcos Jr.'s vision.
Pascual said he would recommend to President Marcos amendments that will intensify the enforcement of IP law.
"To support the startups, we need a strong intellectual property law. We have an existing one and I'm going to present to the President, hopefully soon, the proposed amendments to this law so we can strengthen the enforcement of the law and the further protection of intellectual property owners against piracy and counterfeiting," he said.
In a message to trade reporters, DTI Undersecretary Jose Edgardo Sunico said the amendments eye a modernized IP framework enhancing the enforcement against online piracy and boosting IP education.
"This will create a safer digital environment, foster innovation, and support economic growth while ensuring we meet international standards," Sunico said.
Meanwhile, Pascual said providing support and protecting Filipino startups will drive innovation and technology adoption in the country to back President Marcos' vision of investment-led growth.
In his third SONA Tuesday, the Chief Executive said he wanted investment-led growth to sustain the current economic gains.
Pascual said his agency is taking the lead in promoting startups.
He said the DTI has various programs that support startups from their formation through the Incubation, Development, and Entrepreneurship Advance (IDEA); acceleration stage through the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVANCE), and advanced stage through the Global Acceleration Program (GAP).
Pascual said that through these programs, the DTI is assisting 130 startups in agricultural technology, financial technology, and educational technology, among other fields.
He said the government is partnering with the Asian Development Bank to build the National Innovation Gateway. Through this gateway, the country aims to produce "technological unicorns."
A unicorn is a startup company with a valuation of USD1 billion that is not listed in the stock market.
Pascual said the National Development Company also invests in startups through the Startup Venture Fund.
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