Philippine Senator Files Bill Urging Biotech Investments

Philippine Senator Edgardo J. Angara recently filed the Biotechnology Industry Development Act of 2010 to encourage more investments from private sectors by giving incentives for start-ups. The bill was also filed to support one of the flagship projects of the Congressional Commission on Science, Technology and Engineering (COMSTE) for 2011, which is the development of biotechnology in the country for health and food security.

Based on his recent article in Business Mirror, Sen. Angara pointed out that biotechnology has been a multi-billion industry in the world. However, the Philippines, though developing its biotechnology capabilities since the 1980s, still has a long way to go. Citing the Research and Information System for Developing Countries, Sen. Angara mentioned that that the Philippines has a notably lesser number of experts in both modern and conventional biotechnology and R&D firms in contrast to other more successful Southeast Asian countries. Thus, the enactment of the bill is necessary so that the Philippines can take advantage of the potentials of biotechnology.

Angara wrote that the Bill also encourages scientists to be "more enterprising" and technology investors to take part in operating biotech companies. It would also grant scientists from public research institutions up to five years leave of absence to establish a start-up with the technologies they developed, and other biotech-benefitting incentives for private sectors.

For more details about the bill, visit Sen. Angara's article at http://www.businessmirror.com.ph/home/opinion/6012-developing-our-biotech-industry. For inquiries about biotechnology in the Philippines, e-mail bic@agri.searc.org, or visit SEARCA BIC's website, www.bic.searca.org.