DTI encourages venture capitalists to invest in local startups as the country continues to improve its global innovation index.
On the 2015 assessment of the World Intellectual Property Organization (WIPO), the Philippines climbed 17 notches and now ranks 83rd from its 100th ranking in terms of global innovation index.
According to the digital startup roadmap, the country is expecting 500 startups with a total funding of $200 million by year 2020. It can have a cumulative valuation of $2 billion.
Furthermore, the development of an innovation ecosystem will also address the government’s agenda of inclusive growth through job creation. By 2020, the Philippine startup and innovation community aims to create 8,500 high skilled jobs for Filipinos.
The Department of Trade and Industry (DTI) continues to promote local micro, small, and medium enterprises (MSMEs) through SikatPinoy National Food Fair 2016 with the participation of over 170 exhibitors all over the Philippines.
DTI signed an MOU with the Philippine Center for Entrepreneurship Foundation Inc. (PCE) and GIZ to provide supportive input and information to micro, small, and medium enterprises (MSMEs) and enhance their competitiveness by including the Green Economic Development (GED) approach in their businesses.
BOI and EMB presented to the Filipino-American Chamber of Commerce of Silicon Valley (FACCSV) opportunities for trade and investment in the Philippines during the Trade and Industry Briefing held recently at the DTI International Building in Makati City.
FCCCSV, led by its President Anne Orozco-Ramirez aimed to find business opportunities and partners in the Philippines particularly in the sectors of real estate, retirement facilities, coconut products, healthcare, and indigenous products.
EMB Director Senen M. Perlada encouraged the delegation to take advantage of the PH-US trade opportunities and the benefits of tariff preferences given to the Philippines under its Generalized System of Preferences (GSP).
Other sectors that the delegation was also exploring include wireless home security devices, cosmetics and skin care products, business process management, renewable energy, and new farming technology.
Two (2) Negosyo Centers in Camarines Norte were launched today, March 16, 2016 in the municipalities of Mercedes and Jose Panganiban.
BOI has approved a total of 144 renewable energy investment projects worth Php170.947 billion from 2010 up to December 2015 with a total generating capacity of 3,861 megawatts.
Renewable energy is listed as a priority investment sector in the BOI’s Investment Priorities Plan (IPP. The BOI closely coordinates with DOE to ensure that investments support the Philippine Energy Plan (PEP) 2010-2030 and is consistent with the Renewable Energy Act of 2008 which mandates the consideration of renewable energy projects.
The country’s current installed capacity for power generation is 17,025 megawatts, which is largely located in the Luzon grid. Based on DOE’s 2014-2019 demand-supply projections, an additional 5,100 megawatts is needed in all major grids of the country. The Luzon grid needs at least 3,800 megawatts, Visayas, 900 megawatts, and Mindanao around 400 megawatts. Out of the required energy capacity, only 45 power generating plants with a consolidated capacity of 3,382.75 megawatts (combined renewable energy and conventionally-fuelled) are committed to go online this year.
Among the renewable energy projects approved by the BOI is Alternergy Wind One Corporation which recently inaugurated its 60 hectare wind farm in Pililia, Rizal. The wind farm, the first of its kind in the Rizal province, runs 27 wind towers, each producing 2 MW, and has a total capacity of 54 MW of clean electricity capable to supply electricity requirements of 66,000 households.
Philippine merchandise exports reached $4.19 billion in January 2016, representing a decrease of 3.9 percent from the $4.36 billion posted in January 2015.
This decline however is still better compared with our Asian neighbors: Thailand’s exports went down by 8.9 percent, Singapore by 9.9 percent, China by 11.2 percent, South Korea by 12.2 percent, Japan by 12.9 percent, Taiwan by 13 percent, Indonesia by 16.7 percent, and Hong Kong SAR by 23.4 percent.