FUNDING amounting to P350 million will help jumpstart programs under the Tatak Pinoy Act, which seeks to raise the competitiveness of Philippine products, according to the Department of Trade and Industry (DTI).
鈥淭he DTI budget for 2024 to implement the Tatak Pinoy Act is around P350 million,鈥 Trade Secretary Alfredo E. Pascual said at a briefing on Wednesday.
鈥淏ecause we have this allocation, it will be easy for us to start implementing this law. As you know, there have been previously signed laws that, even a year later, have not been allocated budgets,鈥 Mr. Pascual added.
Senator Juan Edgardo M. Angara, co-author of the Tatak Pinoy bill, said that a portion of the budget will be used to set up the secretariat.
鈥淚t鈥檚 going to be spread out; it鈥檚 not a lot if you consider it … But in my capacity as a senator, I think I can still help somewhat with the next budget,鈥 Mr. Angara said.
The implementing rules and regulations of the Tatak Pinoy Act were signed on Wednesday, after the bill was signed into law on Feb. 26.
鈥淭his comprehensive framework, developed through extensive consultations with industry players in agriculture, manufacturing, and the services sector, will guide the effective implementation of the Tatak Pinoy Act,鈥 the DTI said in a Facebook post.
Republic Act No. 11981, or the Tatay Pinoy (Proudly Filipino) law, aims to elevate the Philippines鈥 position in the global value chain by encouraging companies to produce higher-quality products.
Under the law, the government will incubate and incentivize higher-value products that will carry the 鈥渕ade in the Philippines鈥 trademark.
Meanwhile, the implementing rules and regulations of the Internet Transactions Act (ITA) were also signed on Wednesday.
The signing ceremony was also attended by the Bangko Sentral ng Pilipinas, the Department of Agriculture, the Department of Information and Communications Technology, the Department of Health, and the National Privacy Commission.
鈥淭he ITA, which was signed into law on Dec. 5, aimed at establishing regulations to ensure data privacy, product standards, safety compliance, and the observance of environmental sustainability in digital commerce,鈥 the DTI said. 鈥 Justine Irish D. Tabile
