THE Department of Trade and Industry (DTI) and the National Development Company (NDC) said they have set up an innovation center designed to support startups and micro, small and medium enterprises (MSMEs) in the country.
In his speech on Tuesday’s launch of Marikina Enterprise Center or iHub-MEC, NDC General Manager Saturnino Mejia said the center will be a support facility for the startup ecosystem, as well as a way forward for MSMEs to be digitalized.
Mejia said the iHub-MEC will be supported by academic and scientific communities for research, innovation and development of talent.
In a project brief, NDC said iHub-MEC is a five-story facility located in the National Cottage Industries Development Authority (NACIDA) compound in Marikina, and is part of the Philippine government’s broader effort to foster innovation.
NDC did not provide a figure for the project’s cost, but said this will enable the rollout of specific projects of the innovation policies of the government, such as the Innovative Startup Act and the Philippine Creative Industries Act.
The project brief said the Innovative Startup Act or Republic Act (RA) 11337 of 2019 led to the creation of the Startup Venture Fund, jointly administered by the DTI and NDC, allowing the government to invest in the local startup ecosystem.
It also said the Philippine Creative Industries Act or RA 11904 of 2022 supports sectors such as gaming, animation and multimedia.
The center will support a diverse range of businesses from culinary and fashion ventures to cutting-edge technologies, such as artificial intelligence and blockchain, NDC said.
