Tatak Pinoy Act
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| Tatak Pinoy Act | |
|---|---|
 | |
| Congress of the Philippines | |
| |
| Citation | Tatak Pinoy Act |
| Territorial extent | Philippines |
| Enacted by | Senate |
| Enacted | February 26, 2024 |
| Legislative history | |
| Bill title | Senate Bill No. 2426 |
| Introduced by | Sonny Angara |
| Introduced | May 22, 2023 |
| First reading | May 22, 2023 |
| Second reading | September 26, 2023 |
| Third reading | November 6, 2023 |
| Committee report | Committee Report No. 107 |
| Status: In force | |
Conceptualized and authored by Senator Sonny Angara, the Tatak Pinoy Act of the Philippines is a product of close to five years of extensive consultations, studies and research by the Office of Senator Angara to develop a multi-year, comprehensive strategy for the government and private sector to foster greater collaboration between the two sides.[1] It was signed into law by President Ferdinand Bongbong Marcos, Jr. on February 26, 2024.[2]
Goal of the Tatak Pinoy Act[edit]
The goal of Tatak Pinoy is to empower Philippine industries to come up with high-value and sophisticated goods and services that will make them more competitive in both the global and domestic markets. With Tatak Pinoy, Philippine industries will be encouraged to embrace innovation and engage in technology transfer so that they will grow at a faster pace. This will eventually translate to sustained economic growth and higher incomes for Filipinos, who would finally be able to see more opportunities here at home.[citation needed]
Tatak Pinoy will complement and help attain the goals set forth in the Philippine Development Plan. Under the Tatak Pinoy Act, there will be targeted interventions aimed at specific industries and sectors that have the potential for further growth or expansion. A Tatak Pinoy Strategy will be formulated that will serve as the roadmap for the national government agencies, the local government units, and the private sector in attaining the goals outlined in the law.[3]
Tatak Pinoy Strategy[edit]
The Tatak Pinoy Law lies at the core of the Philippines' industrialization strategy, revitalizing and driving the economic agenda with precision. With its focus on promoting industrial excellence, embracing innovation, and navigating contemporary challenges, Tatak Pinoy is a transformative legislation that empowers Philippine industries to thrive in an intensely competitive global landscape.
Under the law, a Tatak Pinoy Council will spearhead the development and implementation of a multi-year strategy focusing on five key pillars:[4]
Under the Tatak Pinoy Law, industries will receive the support for the expansion and upgrading of their operations to make them more competitive in both the global and domestic markets. Big and small industries will also be encouraged to innovate in order to produce higher value products that are sought after by bigger markets and will result in greater incomes for them.[5]
References[edit]
- ^ Tatak Pinoy Act signed into law, senate.gov.ph. Accessed April 20, 2024.
- ^ Tatak Pinoy: What it is and what it's not, Manila Bulletin. Accessed April 20, 2024.
- ^ Tatak Pinoy Act signed into law, Philippine News Agency. Angara: Tatak Pinoy Act to complement PH Dev't Plan. Accessed April 20, 2024.
- ^ DTI bolsters industrialization drive, lauds signing of 'Tatak Pinoy' Act, Philippine Information Agency. Accessed April 20, 2024.
- ^ Tatak Pinoy Act signed into law Angara: Tatak Pinoy law 'a giant leap' to becoming an industrialized PH, Inquirer.net. Accessed April 20, 2024.