February 28, 2024

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Philippine government to boost local firms’ R&D

Businesses in the Philippines are being urged by the Government to invest in their research and development (R&D), according to a recent report.

With its Business Innovation through Science & Technology (BIST) program, the Government is providing the local companies their much needed competitiveness boost.

It was during a recently held forum by the Department of Science and Technology (DOST) when it was pointed out that even if the country has shown improvement in its ranking in the Global Innovation Index, there is still lack in the utilisation of the country’s human resources.

It should be noted that from ranking 83rd out of 143 countries in 2015, the Philippines moved up to 74th and 73rd in the years 2016 and 2017, respectively.

The full potential of the country’s human resource is not realised here. The people have talent and that talent should be maximised and optimised.

Hopefully, the BIST program will be able to help the businesses achieve that.

The BIST program aims to help local firms acquire technologies by Filipino companies for incorporation in their R&D activities.

The program provides financial assistance to private firms for at least three years to help enhance their capacity.

This can be used for the acquisition of high-tech equipment and machinery, technology licensing, and patent rights.

The program will fund 70% of the total eligible cost of the technology with no interest. The remaining 30% will be sourced by the applicant.

The proposal should be a multiyear project from three to five years. The company will be given a two year grace period before refund begins on the third year of the project.

The proposals that will be considered for the program should fall within certain priority industries. These industries are information and communications technology (ICT), including artificial intelligence (AI); creative industries/knowledge-based services; and semi-conductors and electronics.

Proposals that are related to renewable energy; industrial waste treatment; environment and climate change; infrastructure and logistics; manufacturing; integrated circuit design; food and nutrition; agriculture, fishery and forestry; and agri-processing including drug and herbal development will also be considered.

Industries and government should be working together on R&D investments.

The BIST program is the government’s way of encouraging the businesses to do R&D since the initial risks will be shouldered by them.

Once the businesses are doing R&D, they will, in turn, boost the productivity of the people, thus utilising the human resource.

Innovation can significantly affect the profits of a business. On the business side, investing in R&D will bring returns computed with a multiplicative factor of 1:7 and up until 1:14.

This means that for every PHP 1 invested, the return will be PHP7 until PHP 14 per year.

The Department hopes that by investing in R&D, local companies can produce new products, new processes and new services that can improve on the economy.

Aside from that, investments could increase a company’s market differentiation and product competitiveness.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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