Newsbytes

Senate passes Philippine Innovation Act on final reading

Newsbytes Ph;

The Senate passed on Tuesday, May 2, a bill which seeks to adopt innovation as a vital component of the country’s development and use it to promote the growth of micro, small and medium enterprises, through programs and initiatives which include the creation of a new interagency national innovation council.

Sen. Sherwin Gatchalian, principal author of Senate Bill No. 1355, otherwise known as the Philippine Innovation Act, said the measure seeks to make innovation a major driver of economic growth in accordance with the Ambisyon Natin 2040 long-term plan laid out by the National Economic and Development Authority (Neda).