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The Department of Science and Technology has welcomed the House Committee on Appropriations’ passage of a substitute bill seeking to address the disparity in research and development funding in the country’s regions and the lack of R&D in the private sector.
“With approved and implemented S4CP Bill, there will be continuing support from government, industry and academe to STI for inclusive, equitable and sustainable development,” said DOST Secretary Fortunato T. de la Peña. “While the UNESCO benchmark for a developing country is a budget of one percent of the GDP Expenditure on R&D , the S4CP bill is pushing for 2 percent [allocation] of the General Appropriations Act for R&D within the next five years,” he said.De la Peña said while waiting for the bill, the DOST has funded 38 Niche Centers in the Regions for R&D in 17 Regions with allotted funding of P1.89 billion for universities and R&D Institutes in the region.
The DOST chief said they extended P32.6 million worth of financial assistance to three companies in their R&D efforts under the Business Innovation through S&T for Industry Program.
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