No one definitely wants to be aggrieved, especially when certain things are at stake. This is probably the reason why people or institutions forging a deal of any kind would want a fair and equitable transaction to ensure that neither of the parties involved are deprived or disadvantaged.
Considered to be one of the final aspects in private mergers or sales deals, a fairness opinion is sought to create a total impartial review from a financial perspective to ensure that an agreement to be signed is fair and is in the best interest of those participating in the transaction.
In the same context, the government as the trustee of the Filipino people’s money, safeguards public interest by doing the same aforementioned process whenever engaging in deals. Said to be an innovative mechanism instituted on a legal perspective to safeguard public funds, the Republic Act 10055 or the Philippine Technology Transfer Act of 2009 mandates the issuance of a Fairness Opinion Report (FOR) by an independent Fairness Opinion Board (FOB) whenever commercialization is undertaken for a government-funded research, subject only to certain exception.
Education reaches beyond the four corners of the classroom as the Invent School Program of the Department of Science and Technology, Technology Application and Promotion Institute (DOST-TAPI) utilizes the digital platform in the last quarter of 2020.
This is in response to the Coronavirus disease (COVID-19) situation and government policies which discourage mass gathering. School-aged and adolescent children, who are the fundamental participants of the program, are at high-risk of exposure, hence the shift to the digital platform.
The change in the learning medium brings forth fresh changes and challenges to the program’s facilitation. Over the past years, the Invent School Program has reached out to various far-flung provinces in the country and held seminar-workshops in different schools and colleges. The two-day seminar featured on-site lectures which encompasses topics on creativity enhancement, invention development, intellectual property rights, and invention commercialization. These are followed by hands-on activities, particularly on conceptualizing and building invention prototypes with assigned teams.