President Ferdinand Marcos Jr. said on Wednesday that the government will help Filipino inventors commercialize their products as the country has an environment conducive to startups.

Speaking during the 2024 National Invention Contest and Exhibits (NICE) Presidential Awards at Sheraton Manila Hotel in Pasay City, Marcos said startups have the potential to drive economic growth despite their high failure rate.

"There is a very strong motivation for the Philippine economy to have an environment conducive to startups,” Marcos said.

“It’s a challenging situation because startups generally have a high failure rate. It’s the nature of startups,” he added.

Marcos acknowledged the hurdles faced by inventors, particularly in scaling their innovations, as they often lack the expertise needed to navigate financial and logistical aspects of bringing their products to market.

Hence, Marcos advocated for a supportive role from the government in bridging these gaps.

"You must leverage your fine intellectual property. You came up with these ideas and invented them. You need to feel that something good is happening because you thought of a great invention and are helping many people,” Marcos said.

He also believes that fostering a successful startup culture will inspire others to pursue their ideas and make a career out of innovation.

Marcos praised the practical applications of recent inventions showcased at the event, noting their relevance to everyday Filipino life.

“All of these inventions are very fine ideas that you have turned into reality. You didn’t just think about them or draw them. You actually made them, tested them, created prototypes. Even if they broke, you fixed them gradually until you perfected them,” he said.

The NICE Presidential Awards, organized by the DOST-Technology Application and Promotion Institute (TAPI) under Republic Act (RA) No. 7459, are designed to acknowledge the significant contributions and essential role of Filipino inventors in advancing technology and boosting economic growth in the country.

Inventors are offered various incentives, including cash prizes, public recognition, and access to financial and technical support for additional research and development (R&D). Additionally, they have the opportunity to participate in international competitions.