The House Committee on Higher and Technical Education has approved a bill that aims to strengthen the knowledge economy through increased funding for scholarships and training, implementing entrepreneurship-related courses, and other initiatives centered on innovation and empowerment.
House Bill 6286 or the proposed “Knowledge Economy Human Resources Development Act” hurdled the panel on Wednesday after garnering support from various government agencies involved in the bill’s creation.
However, Department of Budget and Management Budget Information Legislative Service officer Geane Cabatana said that the agency — which will finance the appropriation of the involved agencies — is still examining and accumulating information about the implications of the proposed legislation.
The panel’s chairperson, Baguio Representative Mark Go, moved to approve the bill subject to style and amendments.
The bill aims to catalyze the knowledge economy by infusing greater incentives and resources into its most crucial component — researchers, entrepreneurs, scholars, inventors, and innovators.
It defines the knowledge economy as an economic system in which goods and services are based on knowledge-intensive activities that hasten the pace of technical and scientific advancement and rapid obsolescence.
Cebu Representative Pablo John Garcia, the measure’s proponent, wants to seek additional funding to expand scholarships and training opportunities, implement entrepreneurship-related courses, develop skill-building initiatives, and engage in other innovative and empowering projects.