INVENTORS in the Cordillera who may qualify for commercialization of their inventions are set to have access to funds coming from the Land Bank of the Philippines under the Innovation Technology for Commercialization.
This was revealed by Department of Science and Technology Engineer Edgar Garcia who heads the Technology Applications Promotions Institute during the opening of the three day Regional Invention Contest and Exhibits at the Baguio Convention Center.
"The agreement between DOST-TAPI and Land Bank is a lending program under the Innovation Technology for Commercialization is a subsidized interest rate for inventors that has a specific fund allocation coming from the inventors guarantee fund budgeted by the government and managed by the TAPI in terms of how it is to be availed of by inventors," Garcia explained.
Garcia added inventors having the necessary patent certificate and utility model registration certificate will have the primary access to the fund provided his invention will be used for commercial purposes through a company, or by the assigned inventor or buyer of the inventors patent.
Under this modified loan program which has a lighter interest rate of return, the payback of the loan would depend on the evaluator of the credibility of the inventor which is Land Bank who would assess the capability of the inventor to pay back the loan under a business plan.
Garcia added the inventors’ good moral character must be certified by the inventors’ organization under the specific guidelines provided for by the evaluator.
DOST-Cordillera regional director Victor Mariano pointed out although inventors in the past have had a problem of presenting a collateral before they could avail of a loan from banks due to their being high risked, the modified loan program of Land Bank, the technical feasibility of their inventions would be the basis for them to avail of the loan.
Under the modified loan program, 85 percent will be sourced from the funds of Land Bank and TAPI where 45 percent of the fund will bear interest, while the collateral would come from the business plan of the inventors’ invention.
"The technical feasibility will be determined by the technical working group of the screening committee, the financial viability of the project will be determined by the Land Bank to which both government funds are protected," Garcia added.