The Trade Department encouraged venture capitalists to invest in local startups as the country continues to improve in the global innovation index.
The Philippines climbed 17 notches in the global innovation index of the World Intellectual Property Organization to 83rd from 100th. Trade Undersecretary Nora Terrado sees opportunities to enhance and develop the country’s national innovation ecosystem.
“There is no better time for the Philippines than now,” said Terrado on the current promotional initiatives for startups and innovation in the country.
The Philippines’ strong compliance to intellectual property rights protection also makes the country a strong contender for the next innovation hub in Asia.
The Philippines ranked second for both patent protection and intellectual property rights protection in 2014 in Asia.
One of the country’s top Philippine innovations is the Salamander by H20 Technologies, the world’s first amphibious tricycle.