The Philippines can reach in seven years the United Nations' recommended investment of one percent of gross domestic product (GDP) for research and development (R&D) specifically for human resource with P3.5 billion to be poured for the development of local technology entrepreneurs.

Already, more than P2 billion has been released by the government for the Engineering Research and Development for Technology (ERDT) which is a three-year program that started in 2007.

If the ERDT is sustained beyond its three-year operation, the aim to catch up with the recommended R&D investment for developing countries set by the United Nations Educational, Scientific, and Cultural Organization's (UNESCO) is no longer impossible.

"If we continue beyond the 2010 budget of ERDT, we will be able to benchmark with UNESCO in seven years," said ERDT Program Leader Rowena Cristina L. Gueverra in a "Filipinnovation" press briefing.

The ERDT is focusing on the development of technology specialists (master of Science and doctors of Philosophy holders) who can be entrepreneurs as part of a larger aim to industrialize four pivotal sectors of the economy – energy, environment and infrastructure, information, communication technology (ICT), and semiconductor and electronics.

The Filipinnovation, an inter-agency group aiming to improve Philippines' competitiveness through technology and innovation, aims to link research and development (R&D) experts with the industry.

It also held Thursday an Innovation Marketplace where companies were asked to present their inputs on innovation and technology. Participants were Chemrez Technologies Inc., IBM Phils. Inc., semicondutor firms Ionics EMS Inc. and Integrated Microelectronics Inc., United Laboratories Inc., Permex Producers and Exporter Corp., Petron Corp., Calfurn Manufacturing Phils. Inc., EEI Corp., and Phinma Property Holdings.

Department of Science and Technology (DoST) Undersecretary Fortunato T. de la Pena said that as part of the Filipinnovation, more technology incubation centers (TIC) are being put up in the country among which is the DoST-Philippine Economic Zone Authority (PEZA) TIC which is now managed by the Technology Resource Center of DoST.

The Knowledge Enterprise Center will also rise at the University of the Philippines-Los Baños in the same aim to encourage agriculture-based technology innovation.

Since protection of intellectual property (IP) right is essential in encouraging technology entrepreneurs to invest money and other resources in innovation, De la Pena said the Intellectual Property Office (IPO) has worked on the setting up of IP Policy in many state universities and colleges and private educational institutions.

"Now now more than 20 universities adopted an Intellectual Property policy with the help of IPO," De la Pena said.

Guevarra said the country needs to assess major indicators of innovation which shows exactly the state of economic development and industrialization in the Philippines compared to its industrializing neighboring countries.

The country already failed based on the amount of R&D investment based on GDP as this is only at 0.14 percent of GDP.