The Board of Investments and the Intellectual Property Office of the Philippines signed a memorandum of agreement to promote the commercialization and utilization of IPOPHL-registered intellectual properties by creating linkages to investors.
The agreement is in line with the thrust of BoI to attract more innovation-driven investments in the country.
Under the agreement, the BoI will be a part of the Mind2Market Network of IPOPHL which will tap on the existing programs of BoI such as the One Window Network and the Trade and Industry Development Talks to create stronger linkages between creators/inventors and investors.
Both parties also agreed to establish channels of communication to facilitate technical consultations on matters related to innovation, including on new and emerging technologies that are registrable with the BoI.
This will also facilitate the resolution of any issues that may be faced by industry stakeholders on the registration, recognition and enforcement of IP rights.
“For two consecutive years, the BoI has continued to set its highest recorded investment approvals in more than 50 years. While we continue to outperform ourselves in promoting investments, we still need to attract new investments that are considered ‘innovation drivers’ under the 2017-2019 Investments Priorities Plan (IPP),” said Trade undersecretary and BoI managing head Ceferino Rodolfo.
Possible investment areas include research and development activities; the conduct of clinical trials; the establishment of centers of excellence, innovation centers, business incubation hubs, fabrication laboratories and co-working spaces; and the commercialization of new and emerging technologies and products of the Science Department or government-funded R&D.
The Patent Landscape Reports being prepared by IPOPHL will help BOI in identifying technology gaps that require foreign investments to bring in these technologies into the country.
“The MOU is something that should excite all creators and innovators. This period is the sunrise of our intellectual property, especially now that we have partnered with formidable agencies such as the BoI. I hope that with the national innovation law that was recently passed and the creation of the national innovation council, we hope to put and enhance value to the innovation agenda of the President,” IPOPHL director-general Josephine Santiago said.