The State fully recognizes that science, technology and innovation are essential for national development and progress. It shall, therefore, give priority to research and development, invention, innovation and their utilization. It shall also encourage the widest and most systematic participation of all stakeholders in policy-making related to science and technology, and in the generation, transfer and utilization of intellectual property, especially for the benefit of the general public. This Act aims to promote and facilitate the transfer, dissemination, and effective use, management, and commercialization of intellectual property, technology and knowledge resulting from Research and Development Institutions (RDIs) funded by the government for the benefit of national economy and taxpayers. The provisions of this Act shall apply to intellectual property created under existing laws, including, among others, Republic Act No. 9168 and the Philippine Plant Variety Protection Act of 2002.
The ownership of Intellectual Property and Intellectual Property Rights (IPs and IPRs) shall be governed by the following: a) In recognition of the fact that RDIs are in a better position to identify the potential for economic utilization of IPs and IPRs subject to their possession of the right skills and management capability, the ownership of IPs and IPRs derived and generated from research funded by the Government Funding Agency (GFA), whether such funding is in whole or in part, shall, in general, be vested in the RDI that actually performed the research, except in specific circumstances.