The Department of Trade and Industry (DTI) welcomes the 2016 Global Innovation Index (GII) report, ranking the Philippines as the 74th most innovative country among 128 economies surveyed.
The report jointly released by World Intellectual Property Organization (WIPO), Cornell University and INSEAD ranked 128 economies in terms of their Global Innovation Index (GII) based on 82 indicators. This 9th edition of the GII explored impacts of innovation-oriented policies on economic growth and development reflected through strategies employed by both high-income and developing countries. Top countries with highest GII include Switzerland, Sweden, UK, USA, Finland and Singapore.
“We are happy to know that through this GII survey, we know how our country has improved and how Filipinos can achieve the innovation economy that we all aspire for. This would push us to extend more efforts in making innovation as a mindset for every Filipino,” said DTI Industry Promotion Group Undersecretary Nora K. Terrado.
With “Winning Global Innovation,” as the GII 2016’s theme, the report discussed the growing importance of innovation among countries today in achieving future economic growth and the sharing of knowledge cross-border through global innovation networks. With GII, it includes indicators that go beyond the traditional measures of innovation such as the level of research and development that can be applied for both developed and emerging economies.
The Philippines’ biggest gain is seen in human capital and research, where the Philippines ranked 95th from 123rd in 2015. It measured the quality of the country’s education with its research and development.
“Innovation encompasses intensified research and development activities among universities and we hope to tap higher educational institutions with the help of other agencies like the Department of Science and Technology (DOST),” emphasized Terrado.
Terrado also highlighted the collaboration of DTI and the private sector in advancing the Startup Ecosystem Development Program (SEDP) which will help enhance the climate for startup businesses, increase the success rate of Filipino innovative enterprises in introducing their products and services in the local and international markets.
The country surged up in six other GII indicators: institution (88th from 102nd), infrastructure (72nd from 83rd), market sophistication (94th from 101st), business sophistication (74th from 81st), knowledge and technology outputs (44th from 53rd), and creative outputs (96th from 101st).
In recent months, DTI had been aggressive in forwarding programs and activities that would encourage innovation among local entrepreneurs and would-entrepreneurs. Started during the APEC Manila 2015 hosting, SlingShot MNL was one of the pioneering programs of the department that caters to the needs of the startup sector.
Earlier this year, it held a series of dialogues and consultations under the SlingShot Philippines program with the academe, private sector, other government agencies, foreign venture capitalists and individuals to seek further support in achieving the innovation economy.
At present, DTI has established the QBO Innovation Hub with IdeaSpace Foundation which aims to encourage and address the needs of the growing startup and innovation ecosystem. It also launched the Food Connection Innovation Hub at the Philippine Trade Training Center (PTTC) which will target innovative enterprises in the processed food sector.
DTI also reiterates its call for existing exporters to innovate as part of the strategies included in the 2015-2017 Philippine Export Development Plan (PEDP).