The Philippines will keep innovating in order to stimulate fresh growth
Secretary of the Department of Trade and Industry (DTI) Ramon Lopez stated on Tuesday that the government would continue to implement programs and policies to promote innovation in the nation.
Lopez said the Philippines has strengthened its national and regional innovation and entrepreneurship ecosystems through government-industry-academic collaboration, as well as enabling a strong business and policy environment and upskilling the creative talent pool, in a virtual press conference on the country’s ranking in the Global Innovation Index (GII) 202.
He went on to say that innovation had tremendous potential for the nation since it attracted high-value investments and improved industrial competitiveness, resulting in more employment on the market.
“We’ve seen how, with the proper partners, our country’s enterprising and creative individuals can enhance and maximize their discovery potential and serve as the main engine of economic growth,” Lopez added.
The nation dropped from 50th place last year to 51st place in the GII 2021.
In the most recent GII, the Philippines is ranked fourth among lower-middle-income nations, after Vietnam, India, and Ukraine, but ahead of Mongolia, Moldova, Tunisia, Morocco, Kenya, and Tanzania.
Institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs are the seven pillars that the GII 2021 uses to assess the performance of 132 countries in terms of innovation.
In the GII study, the DTI secretary emphasized the country’s innovation ecosystem strengths.
“This year, we continue to outperform our innovation inputs in terms of innovation outputs. This implies that, despite our restricted innovation resources and pandemic-related obstacles, we were able to generate more and higher-quality innovation outputs. This is evident in the GII’s assessment that “given our present level of development, the Philippines continues to perform above expectations,” Lopez added.
In terms of innovation outputs, the nation was rated 40th, while in terms of innovation inputs, it was ranked 72nd.
In terms of proportion of trade, the Philippines placed first in high-technology exports and imports, and tenth in creative products exports.
“The study also highlights key factors that call for more aggressive future policy action, such as loan availability, venture capital inflow, new company formation, ease of doing business, and attracting global corporate R&D (research and development) investments,” Lopez said.
He said that the government saw innovation as a driver for new economic possibilities, better and more employment, and more industrial competitiveness, all of which would lead to a better life for Filipinos.