DBM allocates budget, targets state of the art innovation

The Department of Budget and Management made several significant allocations with the aim of advancing socioeconomic development.

During the recent Central Luzon State University's 2023 Research Innovation and Development Festival in Nueva Ecija, Budget Secretary Amenah Pangandaman explained that a robust innovation ecosystem can help create jobs, increase productivity, and enhance the country's competitiveness.

"It is for this reason that the present administration is investing heavily in innovation and technology," said Pangandaman.

The Budget Secretary proceeded to enumerate major education-related allocations in the proposed Fiscal Year 2024 National Budget: P25.94 billion to the Department of Science and Technology, including P8.23 billion for the Grants-in-Aid Program, which covers P3.61 billion to support the National S&T Agenda, such as the Science for Change and Small Enterprises Technology Upgrading Programs.

Some P1.33 billion will be provided for the Research and Development initiatives of State Universities and Colleges, including roughly P50 million for CLSU itself.

Meanwhile, P100 million is allotted for the National Economic Development Authority's Innovation Fund to support enterprises engaged in developing innovative solutions to benefit the country's underprivileged sectors.

Pangandaman also introduced "Filipinnovation"—a whole-of-government approach to inclusive innovation. "Through Filipinnovation, we eliminate silos [separations in business resources], as government agencies no longer work in isolation, and consequently, the impact of government funding is optimized with a multiplier effect," said the Budget Chief.

"Seeing the promising research and technologies that you, our dear students, have devised makes us more confident that we can further elevate Filipinnovation into a whole-of-nation approach," she added.