GIBO calls for an increase in R&D budgetMay 1, 2022
Former Secretary of National Defense and senatorial candidate Gilbert (GIBO) Teodoro will push for a higher budget for research and development (R&D) to boost the country’s ability to innovate.
Gibo Teodoro said the country has to raise its R&D spending to nearly 1 percent of gross domestic product, the expenditure level for R&D recommended by the United Nations Educational, Scientific and Cultural Organization (UNESCO) for developing countries.
According to the Department of Science and Technology (DOST), the Philippines’ spending on R&D is only 0.15 percent.
“Instead of being a consumer of products of innovation by other countries, the Philippines can start and lead the innovation by investing more in R&D. Both public and private sectors need to stimulate spending in R&D, which is a critical driver of economic growth,” the former Tarlac congressman and 1989 bar top notcher said.
Citing UNESCO data, Gibo Teodoro said the return on R&D investments is double.
“It’s time for the government to prioritize R&D and innovation. This will help us in our economic recovery, sustain our growth, and raise the income level of Filipinos,” the senatorial candidate said.