THE latest Investment Priorities Plan (IPP) now recognizes as eligible for incentives any projects that facilitate the entry of patented technologies into the market.
The Board of Investments on Feb. 9 signed the implementing guidelines of the 2020 IPP approved by President Rodrigo R. Duterte last year.
The plan, detailing which industries can receive tax incentives, includes projects addressing the coronavirus disease 2019 (COVID-19).
Patented products and services that have not yet been commercialized can now also receive incentives under the new plan.
Patented inventions and utility models or industrial designs registered with the Intellectual Property Office of the Philippines (IPOPHL) qualify if they have not yet delivered economic returns via licensing or sale, IPOPHL said in a statement Sunday.
IPOPHL Director General Rowel S. Barba said that the inclusion will help improve intellectual property filings with the office.
“We will continue work in adding more intellectual property-generating activities in the next IPPs. We hope we can succeed so we can drive more socially relevant and industrially useful intellectual property products and processes into the market,” he said.
Commercialization of patents falls under the “innovation drivers” category of the IPP, which includes research and development and the creation of business incubation hubs and innovation centers.
Innovation and Technology Support Offices (ITSO) or universities and research centers that partner with IPOPHL count as innovation centers.
“An ITSO offers access to patent and scientific and technical databases, assistance in using patent databases, training in patent claim drafting and advice on intellectual property management,” IPOPHL said. — Jenina P. Ibañez