Filipino inventors and innovators can now avail of a zero-percent interest rate financial support for the commercialization of patented inventions, with the improved Innovation and Technology (i-TECH) lending program, according to the Department of Science and Technology (DOST).

Through the i-TECH 2.0, the DOST-Technology Application and Promotion Institute (DOST-TAPI) aims to reach more inventors and continue assisting them with the commercialization of the technology products.

The DOST-Technology Application and Promotion Institute (DOST-TAPI), in partnership with the Land Bank of the Philippines (LANDBANK), officially launched more accessible financing opportunities for Filipino inventors through the i-TECH 2.0, intending to reach more inventors and to continue assisting them with the commercialization of the technology products.

The DOST-TAPI partnered with the Land Bank of the Philippines (LANDBANK) to remove the loan ceiling previously capped at P12.5 million so that eligible borrowers may access funding based on project requirements up to 85 percent of the total project cost.

LANDBANK President Ma. Lynette Ortiz announced that they have also waived interest charges making the loans interest-free.

“Through these enhancements, we hope to see more Filipino innovators take the lead, transforming bold ideas into tangible solutions that uplift lives and move our country forward,” Ortiz said.

In September 2017, DOST-TAPI and LANDBANK first launched the i-TECH lending program aimed to address the limited financing opportunities for Filipino innovators funded by the Invention Guarantee Fund (IGF) under the RA 7459 and LANDBANK.

The first version of the i-TECH program offers low-interest funding with five percent interest rate per year, subject to annual review of the LANDBANK and has a zero-interest option for projects funded through the TAPI-IGF.

The former program has a loan-sharing agreement where the funding was structured as follows: 40 percent of the loan was provided by TAPI-IGF with zero interest, 45 percent from LANDBANK at an interest rate of five percent and the remaining 15 percent was the borrower's equity.

Another highlight of the revised Implementing Rules and Regulation (IRR) is the streamlined process where the Screening Committee (SC) for Republic Act 7459 evaluation, technical evaluation of DOST-TAPI, and financial evaluation of LANDBANK will be done simultaneously, which will make it easier for applicants to accomplish requirements both for the SC, DOST-TAPI and the LANDBANK.

According to Romeo Javate, chief of the Investment and Business Operation Division, processing of applications always starts with the evaluation by DOST-TAPI before proceeding to the financial evaluation of LANDBANK.

Meanwhile, the Philippine Economic Zone Authority (PEZA) likewise vowed to support the seamless transfer and commercialization of DOST-funded and developed technologies supported with the financial and technical support needed to enhance their viability, competitiveness, and market impact.

“Through this partnership, we are committing to a framework that will unlock new opportunities for our PEZA-registered enterprises while empowering Filipino inventors to actively participate in the ecozone value chain,” Deputy Director for Policy and Planning Anidelle Joy Alguso said.

DOST-TAPI Director Atty. Marion Ivy D. Decena invited Filipino inventors to avail the program and leverage the opportunity where they can reach a wider market for their inventions.

Registered Filipino-owned corporations or partnerships with active intellectual property (IP) rights for patent, utility model, or industrial design are eligible to avail of the financial program.

According to DOST-TAPI, a Filipino inventor must be a major stockholder of the corporation or the managing partner of the partnership, regardless of the type of partnership.

Additionally, intellectual property must be valid and has at least one year remaining validity at the time of application.

As of this year, DOST-TAPI and LANDBANK have assisted six Filipino inventors.