Highlighting the innovative spirit of Filipinos, the Board of Investments (BOI), Department of Trade and Industry – Competitiveness and Innovation Group (DTI-CIG), and Heal Venture Lab. (HVL) signed a Memorandum of Understanding (MOU) to conduct a competition to search for the most innovative biotech and medical devices applications in biomedicine.

BOI Managing Head and Trade Undersecretary Ceferino Rodolfo and Trade Undersecretary Rafaelita Aldaba signed the MOU with the firm’s officials led by Dr. Jaemin Park, Managing Partner during a signing ceremony at the BOI Main Office in Makati City on Feb. 22.

Making biotech innovation happen in the Philippines, BOI signed the MOU with HVL, a Singapore-based venture builder, to find promising biotech products by the country’s best innovators. BOI is the lead government agency responsible for the promotion of investments in the Philippines and the development of strategic industries, including biotechnology and medical devices.

Making it Happen with HVL to feature Filipino’s ingenuity: BOI Managing Head and Trade Undersecretary Ceferino Rodolfo (2nd from left) and Trade Undersecretary for Competitive and Innovation Group Rafaelita Aldaba (1st from left) signed the MOU with Heal Venture Lab (HVL) officials at the BOI Main Office in Makati City on Feb. 22, 2024. Other officials in the photo were (L-R): Undersecretary Aldaba, Undersecretary Rodolfo, Dr. Jaemin Park, Managing Partner of HVL, Mr. Ravi Dikshit, Venture Partner of HVL, Dr. Leonila Baluyut, Assistant Secretary of DTI’s Competitiveness and Innovation Group; and Executive Director Ma. Corazon Halili-Dichosa, BOI’s Industry Development Services (IDS).
Making it Happen with HVL to feature Filipino’s ingenuity: BOI Managing Head and Trade Undersecretary Ceferino Rodolfo (2nd from left) and Trade Undersecretary for Competitive and Innovation Group Rafaelita Aldaba (1st from left) signed the MOU with Heal Venture Lab (HVL) officials at the BOI Main Office in Makati City on Feb. 22, 2024.
Other officials in the photo were (L-R): Undersecretary Aldaba, Undersecretary Rodolfo, Dr. Jaemin Park, Managing Partner of HVL, Mr. Ravi Dikshit, Venture Partner of HVL, Dr. Leonila Baluyut, Assistant Secretary of DTI’s Competitiveness and Innovation Group; and Executive Director Ma. Corazon Halili-Dichosa, BOI’s Industry Development Services (IDS).

“This marks a significant milestone in the advancement of the Philippine biotech sector, and I extend my heartfelt appreciation to our esteemed MOU partners for their steadfast support. As the foremost investment promotion agency in the nation, BOI advocates for the boundless potential of biotechnology,” Undersecretary Rodolfo added.

Agriculture, energy, and health play crucial roles in establishing the Philippines as an investment destination of choice for biotech innovation. As the world is transitioning to cleaner energy solutions, the country is seeking to be a regional hub for sustainability, connectivity, and innovation-driven manufacturing and services.

“It is high time to broaden our understanding of the commercial value of biomedicine and growing public health awareness of stakeholders,” he added.  BOI, CIG, and HVL are looking to promote biomedical innovation in the Philippines through competition to support investment opportunities.

Undersecretary Rodolfo pointed out that a strong link between biomedicine and agriculture is anchored on a strong agricultural supply chain. “We are doing things collaboratively, every stage of this competition not just for winners, as we can gauge the dynamism of local research capacity with Pinoy’s competitive spirit,” said the Undersecretary.

Meanwhile, Undersecretary Aldaba emphasized that collaboration is paramount to stay ahead of the curve and collective support to revolutionize the healthcare effort in the Philippines.

“Novel biotech health innovation fuels the discovery of drugs and medical devices, embracing innovation that not only stays ahead of the curve but also transforms lives to advance human health and well-being,” she added.

Mr. Park highlighted the abundance of talent in the Philippines but noted the lack of sufficient infrastructure to fully support it. He, however, expressed optimism for a more innovative landscape in the country’s biotech industry, envisioning it driven by the ingenuity and creativity of young entrepreneurs.

In a video message, Dr. Jaime C. Montoya, Executive Director of the Department of Science and Technology-Philippine Council for Health Research and Development (DOST-PCHRD), said that the competition is a helpful platform to nurture potential positive impact in the field of healthcare in the Philippines.

BOI Executive Director Ma. Corazon Halili-Dichosa underscored the unique Filipino ingenuity that will elevate local industry with support from development partners and the government.

“This will lay down the groundwork to raise awareness of how biotech can be utilized in the country’s biomedicine sector,” Executive Director Halili-Dichosa said. ♦

Date of release: 01 March 2024

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