Innovation is Key to Growth and Development says Loren Legarda

Apart from her continued support for MSMEs, Senate Candidate Loren Legarda has stated that innovation is the key to inclusive growth and development in the country. Three years following the enactment of the Philippine Innovation Act Legarda has maintained that innovation and competitiveness are vital strategies for pursuing sustainable economic growth.

She has also stated that the principles embodied in the act will help the country produce highly skilled workers and enhance the capacities of MSMEs and allied sectors. Additionally, she has stressed that the national government can utilize science, innovation, and technology to turn the PH into a competitive nation.

“We must adopt a broader view in developing its goals and strategies covering all potential types and sources of innovation,” said Legarda.

To ensure the law is adequately funded, Legarda has urged the National Economic and Development Authority (NEDA), the Department of Trade Industry (DTI), and the Department of Science and Technology (DOST) to address the needs of the various sectors. These include access to finance, coaching, and mentoring in the areas of design, technology extension services, quality control, marketing and promotion, patents, and other forms of intellectual property rights, among others.

Additionally, Legarda points out that putting a premium on innovation allows government agencies to pursue convergence with other institutions. According to the senatorial candidate, these convergences will lend greater value to other existing programs.

In efforts to grant assistance and support to MSMEs, the DOST’s Community Empowerment through Science and Technology (CEST) established livelihood support hubs in UA campuses and technology-based barangay economic enterprises (TechnoBEEs).

The project provided Antiqueños the opportunity to enhance their knowledge and expertise whilst generating employment and entrepreneurial opportunities. The opportunities have increased the productivity level of the municipalities and curbed the issue of malnutrition through the production of DOST-FNRI complimentary food.

Legarda has also recalled the convergence project between the Department of Trade and Industry (DTI), under its Shared Service Facilities (SSF) program, and the Don Mariano Marcos Memorial State University (DMMMSU) in Bacnotan, La Union as she funded it under the 2018 national budget. The project has introduced sericulture to residents and gave them gainful employment while promoting the silk industry in the province.

The previous SSF projects that Legarda supported included fish processing, homemade ice cream production, and the craft of weaving.

Legarda’s initial stint as Chairperson of the Senate Committee of Finance in 2018 saw an increased budget allocation of SSF from P50 million to P1 billion. This budget increase allowed the country’s smaller businesses to access capital, skills building, and technical assistance.

“MSMEs constitute 99.5% of our local economy. Training, research, and development efforts are needed for the MSMEs to come up with innovative and useful products that can be sold in the market and benefit the consumers,” she added.

“We have to ensure the effective implementation of and adequate funding for the enabling programs under the Philippine Innovation Act to help MSMEs sustain and promote their businesses, not just in the domestic market, but also in the global arena,” Legarda concluded.