Evoldahc On Intellectual Property

Module 12

Question: 

What is there for to rejoice if you have the intellectual property on something? Would it be a great instrument to the economic growth of the country? Or you are just the sole beneficiary of the fruits you have reaped from what you have sowed? Explain.

Answer:

The benefits one can enjoy if he/she has the intellectual property on something include, but is not limited to:
1. Royalty Income - If a person owns the intellectual property on something that in turn is bought and used by commercial companies, he/she will earn a percentage share from the profit.\
2. Protection - If a person owns the intellectual property on something then he/she can be sure that any replication of the property by other parties can be considered illegal and he/she can pursue them and demand payment for damages.
3. Recognition - If a person owns the intellectual property on something then he/she will enjoy the honor and dignity from owning the said property. He/she will be known to the world and will have, most likely, no trouble finding a job and recognition.

Would it be a great instrument to the economic growth of the country? Or you are just the sole beneficiary of the fruits you have reaped from what you have sowed?

If someone, say a Filipino,  owns the intellectual property on something then the benefits will not only be enjoyed by the individual but also by the county. This will help the economic growth of the country since the individual is a citizen of the country and therefore pays taxes from the royalty income he earned. Additionaly, the intellectual property is owned by a citizen of the country, thus the companies/individuals interested in buying a license of the said property will also pay taxes due to the country. Lastly, hte recognition enjoyed by the owner of the intellectual property will also be enjoyed by the country since the owner is a citizen.