DEVELOPMENT Bank of the Philippines (DBP) has partnered with an inventors’ group to help improve scientists’ access to funding for commercial projects.

The state-owned bank partnered with the Filipino Inventors Society, Inc. to create programs that will support inventors’ financial and operational management.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said this will help improve inventors’ access to funding opportunities for commercial production.

“Since market potential and commercial viability are very important considerations, we hope to consequently provide the necessary funding support to shepherd the projects of Filipino inventors from the drawing board to actual implementation and even production,” he said in a press release on Thursday.

The bank is creating a program that would support inventors, scientists and entrepreneurs to speed up the development of their ideas, he said.

“We will continue to encourage the development of relevant technologies and meaningful solutions to local problems, in support of the Philippine Development Plan and the country’s Sustainable Development Goals,” he added.

The Filipino Inventors Society is nongovernment organization run by individuals who hold patents locally and overseas.

Members include professionals and entrepreneurs who support the development of local technology.

Intellectual property filings declined in 2020 as inventors and creatives delayed applications amid the lockdown declared to contain the coronavirus disease 2019.

Filings increased by 20% in the first half of last year after relatively eased lockdown restrictions at the time supported economic recovery, the Intellectual Property Office of the Philippines said.

Intellectual property applications stood at 22,919, driven by a 23% increase in trademark filings. — J.P. Ibañez