Creative and Innovation Hub targeted for 2024 completion

Creative and Innovation Hub targeted for 2024 completion

By Justine Irish D. Tabile, Reporter

THE Department of Trade and Industry (DTI) said it hopes to complete the Creative and Innovation Hub this year, after obtaining P100 million in funding from the General Appropriations Act (GAA) of 2024.

“The funds will be used to finish the construction of the Creative and Innovation Hub, which will serve as a platform to support the growth and development of creative startups and micro, small and medium enterprises (MSMEs),” DTI Undersecretary for Competitiveness and Innovation Group Rafaelita M. Aldaba said in a Viber message.

Ms. Aldaba said that the department’s timeline for completion is the end of 2024, by which time it hopes to serve over 500 startups and MSMEs.

“We are aiming to finish it within 2024; we are maximizing the resources that we have as we address the needs of stakeholders. This is in Marikina where our DTI National Capital Region office is located,” she said.

The Creative and Innovation Hub will also be connected to the National Innovation Gateway that the department is planning to build in Manila.

The gateway is expected to house advanced technology centers and one-stop government solutions for businesses and investors.

Last year, the DTI said it is in talks with the Asian Development Bank (ADB) to raise as much as $400 million in funding for the innovation gateway.

The loan program it is negotiating with the ADB is called the Promoting Research and Innovation to Strengthen Transformation of Industries and Enterprises Project which is meant to support DTI’s flagship programs.

Expected to start construction in 2025, the innovation gateway is expected to “strengthen startup incubation, accelerate the ecosystem, and support new technology adoption in key industries.”

The Creative and Innovation hub is a component of DTI programs funded by the GAA 2024. Its other projects include the Go Lokal, Malikhaing Pinoy program, and Pangkabuhayan sa Pagbangon at Ginhawa program.

This year the creative industry is expected to post 13-15% growth in gross value added and 6-8% growth in exports.