DTI commits to support MSMEs, protect IP rights

Department of Trade and Industry (DTI) Secretary Alfredo Pascual–PHOTO BY EUGENE ARANETA

Trade Secretary Alfredo Pascual has committed to protect intellectual property (IP) rights in the Philippines to foster innovation and business growth.

“By nurturing and safeguarding the inventive pursuits of Filipinos in intellectual property, we enable them to contribute significantly to our nation’s economic and social development,” Pascual said during the Gawad Yaman Isip Awards Night organized by the Intellectual Property Office of the Philippines (IPOPHL).

The trade official also expressed their commitment to boost the competitiveness of local micro, small, and medium enterprises (MSMEs) by cultivating an ecosystem where there is innovation and creativity.

The DTI is updating its development road map for micro, small and medium enterprises.

The previous MSME Development Plan 2017-2022 focused on three areas, which are business environment, business capacity, and business opportunities.

In particular, the government’s previous goals under the road map were to improve the business climate in the country, as well as access to finance, access technology and innovation, access to market.

It also aims to enhance management and labor capacities.

Further, Pascual also called on local MSMEs to leverage IP to foster progress and to pursue inventive ventures.

“Many of our MSMEs, armed with registered IPs, are at the forefront of pioneering sustainable products and technologies, drawing investments, and penetrating new markets,” Pascual said.

“Safeguarding their IP rights is essential, as it augments their market presence and enhances their company valuations,” he said further.

The IPOPHL is scheduled to implement next month an incentives program for local inventors of green technologies, waiving around P5,000 worth of filing fees for every application for a patent, utility model or industrial design. —Alden M. Monzon INQ