Tuesday, February 18, 2025

PH attracts interest in AI investments at WEF meeting

The Philippines, through Special Envoy of the President to the World Economic Forum (WEF) and Finance Secretary Ralph G. Recto, garnered strong business interest in artificial intelligence (AI) investments during the WEF Annual Meeting held in Davos-Klosters, Switzerland from January 20 to 24, 2025.

Recto said the Philippine government has been expanding its digital infrastructure through the Philippine Digital Infrastructure Project, the National Broadband Program, and the Common Tower Program to enhance digital connectivity nationwide — particularly in underserved areas.

Moreover, the government has implemented regulations in the digital space to strengthen oversight of digital businesses, such as the Internet Transactions Act and the value-added tax on non-resident digital services.

To take advantage of its demographic sweet spot, the government is continuously upskilling the Filipino workforce through its Artificial Intelligence Strategy Roadmap.

Recto was joined by House Speaker Ferdinand Martin G. Romualdez, Department of Trade and Industry (DTI) secretary Ma. Cristina A. Roque, and Ambassador and Permanent Representative of the Philippines to the World Trade Organization (WTO) Manuel Antonio J. Teehankee during the briefing.

Recto held one-on-one meetings with senior executives from leading companies, who expressed keen interest in collaborating with the Philippines to leverage AI for enhancing financial inclusion, strengthening the healthcare system, upskilling the Filipino workforce, and more.

US cryptocurrency company Coinbase co-founder and CEO Brian Armstrong initiated a meeting with Recto to convey its strong interest in expanding its footprint to the Philippines, recognizing the country’s growing digital economy and the increasing adoption of blockchain technology.

In response, Recto welcomed Coinbase’s interest and emphasized the Philippine government’s commitment to fostering innovation in the financial sector.

He also expressed the government’s willingness to provide a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability.

A meeting was also held between Recto and Revolut chairman Martin Gilbert to discuss the company’s interest in entering the Philippines — a move that could establish its footprint in the ASEAN. Revolut is a global financial technology leader and licensed digital bank in the UK and Europe.

During the meeting, it underscored the Philippines as a highly attractive market due to its vibrant talent pool and significant opportunities in the digital economy. Among Revolut’s strategic edge highlighted were its diverse global presence and innovative financial offerings that will empower Filipinos and small businesses with improved credit access and more competitive foreign exchange solutions.

Meanwhile, ING chairman Karl Guha and CEO Steven van Rijswijk met with Recto to explore more partnership opportunities with the Philippines, particularly in leveraging AI in its ING hubs.

ING highlighted the Philippines’ strategic importance, including being a key hub for its operations with 6,000 of its 14,000 global workforce based in the country.

The European bank is set to launch soon its pioneering use of generative artificial intelligence (GenAI) in the Philippines, making it the next country after the Netherlands and Germany to host live GenAI applications.

Furthermore, HCLSoftware chief revenue officer Rajiv Shesh and chief product officer Kalyan Kumar engaged with Recto to discuss potential collaborations in advancing the Philippines’ digital transformation agenda.

HCLSoftware is a global leader in technology solutions, specializing in intelligent operations, data and analytics, and cybersecurity.

The company expressed keen interest in supporting research and development initiatives and fostering local talent to cultivate a new generation of highly skilled tech engineers in the Philippines.

HCLSoftware also affirmed its commitment to partner with the government in developing software technologies. They offered to share best practices and innovative solutions of other governments worldwide to help enhance the Philippines’ technological backbone.

Recto also met with Visa vice chair and chief people and corporate affairs officer Kelly Mahon Tullier, along with global head of government engagement Robert Thomson, where the company reaffirmed its commitment to supporting the Philippines’ digitalization programs.

This follows Recto’s visit to Visa’s Data and Cyber Fusion Center in Ashburn, Virginia in April 2024, where the company shared its global best practices to help advance the Recto’s goal of fully modernizing the country’s tax system.

The discussions also touched on how Visa can help enhance trust, strengthen cybersecurity, and improve efficiency in the country’s financial transactions, including cross-border payments and remittances for overseas Filipino workers.

Visa praised the exceptional talent of the Filipino workforce and expressed its enthusiasm for expanding its presence in the Philippines, where it already employs about 1,000 workers.

In a meeting with Philips CEO Roy Jakobs and vice president for global government and public affairs Jan-Willem Scheijgrond, both sides also explored opportunities for advancing digital healthcare solutions in the Philippines.

During the dialogue, Philips expressed its willingness to partner with the Philippine government, the private sector, and major technology players to help deliver cutting-edge healthcare solutions in the country.

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