The state-owned Development Bank of the Philippines (DBP) has formed a collaboration with the Filipino Inventors Society, Inc. (FIS) to give more tailored support for the development of viable local ventures and indigenous innovations, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa stated in an announcement that the bank will provide capacity-building programs in financial and operational management to Filipino inventors and scientists in order to boost their access to financing opportunities for commercial production.
“Since market potential and commercial viability are very important considerations, we hope to consequently provide the necessary funding support to shepherd the projects of Filipino inventors from the drawing board to actual implementation and even production,’’ Herbosa said.
DBP is the country’s fifth-largest bank in terms of assets, and it lends to four key economic sectors: infrastructure and logistics, micro, small, and medium enterprises, the environment, social services, and community development.
FIS is a non-government organization of Filipino inventors who hold patents for their works and innovations in the Philippines and overseas. Its members include professionals and entrepreneurs who espouse the development of indigenous technology, the statement of the DBP said.
Herbosa said DBP is presently crafting a bridging program to assist the most outstanding Filipino inventors through aid or grants that will encourage innovative projects for critical sectors such as agriculture, health care, and the environment.
He said DBP is open to exploring other means of support to Filipino inventors, scientists, and entrepreneurs and to help fast-track the incubation of more local ideas, concepts, and initiatives.
‘’We will continue to encourage the development of relevant technologies and meaningful solutions to local problems, in support of the Philippine Development Plan and the country’s Sustainable Development Goals.”