State-owned Development Bank of the Philippines (DBP) has forged a partnership with the Filipino Inventors Society, Inc. (FIS) to provide more focused support for the development of viable local projects and indigenous technologies, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank would provide capacity-building programs in financial and operational management to Filipino inventors and scientists to improve their access to financing opportunities needed 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 fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
FIS is a non-government organization of Filipino inventors who hold patents to their works and innovations in the Philippines and overseas. Its members include professionals and entrepreneurs who espouse the development of indigenous technology.
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.”