Tech for Good Institute (TFGI), a non-profit and independent think tank, asked the government to provide subsidies and incentives to tech startups and companies to boost the country’s digital economy.
TFGI, founded by Grab, said policymakers in the Philippines should proactively take measures to enable growth of tech startups and companies such as providing support to those that have the potential to create a bigger impact to the Filipino population.
TFGI said grants and subsidies can be used as incentives to steer innovation towards solving the country’s intractable challenges.
“To keep pace with innovation, the government can consider developing sandboxes, providing a controlled environment for testing and piloting emerging tech solutions and business models within a reasonable testing time frame,” TFGI said on a research paper titled “From Tech for Growth to Tech for Good”.
“This will help provide an opportunity for companies and regulators to better manage associated risks and ensure smoother implementation to the wider market,” it said.
The study said the government should encourage digital economy companies (DECs), startups in particular, to file more Intellectual Property (IP) applications, using campaigns, rewards and other related incentives.
“It is important to review the national IP strategy to support further innovation in the digital economy of the Philippines,” it said.
Data from Philippine Statistics Authority (PSA) showed that the country’s digital economy in 2022 reached P2.08 trillion, higher than P1.87 trillion in 2021. It contributed 9.4 percent to the country’s gross domestic product (GDP).
The PSA estimated the number of employed persons in the digital economy at 6.05 million last year, 8.2 percent higher than 5.59 million persons employed in the digital economy in 2021.
