Tarlac Cong Yap urges gov’t to take advantage of innovation for dev’t
Tarlac 2nd District Rep. Victor Yap is pushing a measure that takes advantage of innovation for economic and social development.
Yap is the principal author of House bill 5618, titled, ‘An Act Adopting Innovation as Vital Component of the Country’s Development Policies to Drive Inclusive Development, Promote the Growth and National Competitiveness of Micro, Small and Medium Enterprises, Appropriating Funds Therefor, and For Other Purposes.’
According to a statement Monday from the House of Representatives, the bill was consolidated into the “Philippine Innovation Act” with other related measures filed by Reps. Wes Gatchalian of Valenzuela City, Luis Raymund Villafuerte Jr of Camarines Sur, and Deputy Speaker Arthur Yap of Bohol.
The substitute, consolidated bill was approved by the House Committee on Small Business and Entrepreneurship Development, providing incentives for ideas that results in the development of new or improved policies, products, processes or services that spread across the market.
“We need to take advantage of the current business situation where start-up companies and MSMEs have the opportunity to compete with big businesses through technology and innovation,” the House statement quoted Yap to have said.
“The government should step in and cultivate the environment by providing MSMEs with a platform to flourish,” he added.
The politiko said he has proposed for banks to set aside at least four percent of their total loanable funds for innovation development credit.
The bill seeks to establish the National Innovation Council that will set priority areas for innovation and develop a National Innovation Agenda and Strategy Document, containing long-term goals and a roadmap.
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