Press Release
June 4, 2009

With RP ranking 71st in the Global competitiveness report
ANGARA URGES GOVERNMENT TO SUPPORT TECHNOLOGICAL INNOVATIONS

Senator Edgardo J. Angara today expressed his concern over the alarming rank of the country in the recent World Economic Forum 2008 and 2009 Global competitiveness report saying that the Philippines' ranking mirrors its inability to adopt, enhance and produce brand new technologies.

This is the Philippines' second time to land on 71st place out of 125 countries in the competitiveness report. The senator was alarmed by the country's lag in terms of technological readiness, market size and business sophistication. Worse, we are far behind in terms of technology indicator as compared to neighboring countries like China, Singapore and Vietnam.

"It is not incapacity of our labor force but it is the lack of support from institutions that will aid their studies and development," said Angara who introduced SB 1721 or the Technology Transfer Bill.

He added, "The Philippines has yet to achieve high level of technological readiness and innovative aptitude that epitomizes well-developed economies and those entering the developed phase like India."

Technology transfer refers to the process by which one party gains access to technology of another party, and successfully learns it and applies it for productive ends.

SB 1721, which Angara recently filed, hopes to presage a stronger and closer private-public collaboration or closer relationship to industry; provide the framework that will promote coordination, integration and harmonization of all technology transfer efforts by various agencies in the country; resolve issues on technology ownership, and provide the institutional mechanism for developing a creative technology transfer capability.

Angara, who chairs the Senate Finance Committee, stressed that the country has a lot of catching up to do in terms of innovation. To do this, the country has to become responsive to opportunities of knowledge-based economies characterized by growing innovation and heightened dependence on intellectual property assets as a key source of economic value and competitive advantage.

The Philippines, he said, is not getting any stronger in terms of product sophistication and intellectual property that is very vital in attaining market power over competitors. If this is achieved, only then we can speak of funding and attract more inventors and creators.

"We must continue to strive for increased global competitiveness and harmonization of all technology transfer efforts to place ourselves high up against developed countries," added Angara.

The Global Competitiveness Index is based on different indicators such as institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market sophistication, technological readiness, market size and business sophistication and innovation.

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