Major global firms keen on AI investment in PH — Recto

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A number of major global companies have shown keen interest in leveraging artificial intelligence (AI) to enhance financial inclusion and healthcare systems, as well as upskilling the Filipino workforce, the Department of Finance (DOF) said. 

The Philippines drew strong investor interest in AI at the recently concluded World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, the DOF said in a statement on Monday. 

It said this resulted from Finance Secretary Ralph Recto’s one-on-one discussions with top executives of global companies on the sidelines of the forum.

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Visa’s strong commitment

The DOF said Recto met with Visa Vice Chair and Chief People and Corporate Affairs Officer

Kelly Mahon Tullier, along with Global Head of Government Engagement Robert Thomson. The executives reaffirmed the company’s strong commitment to supporting digitalization programs in the Philippines. 

In April 2024, the finance chief went to Visa’s Data and Cyber Fusion Center in Ashburn, Virginia, 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 of overseas Filipino workers.

According to the Finance Department, Visa noted the exceptional talent of the Filipino workforce and expressed its enthusiasm for expanding its presence in the country, where it already employs about 1,000 workers. 

Philips on digital healthcare

Meanwhile, 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.

Philips is a global leader in health technology committed to leveraging innovation to transform healthcare delivery and outcomes.

During the dialogue, Philips said it was willing to partner with the Philippine government, the private sector, and major technology players to help deliver cutting-edge healthcare solutions in the country.

Partnership with ING 

In a separate meeting, ING Chairman Karl Guha and CEO Steven van Rijswijk met with Recto to explore more partnership opportunities, particularly in leveraging AI in its ING hubs.

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

The leading 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, it added.

HCLS potential collaboration

In addition, HCLSoftware’s Chief Revenue Officer Rajiv Shesh and Chief Product Officer Kalyan Kumar engaged Recto on potential collaborations to advance the Philippines’ digital transformation agenda.

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

The company is keenly interested in supporting research and development initiatives and fostering local talent to cultivate a new generation of highly skilled tech engineers in the Philippines, the department said.

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, according to the Finance department.

Coinbase on digital economy

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

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

Recto said in the same report the government was willing to provide a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability.

Revolut, Coca-Cola, Citi, HSBC

A meeting was also held last week between Recto and Revolut Chairman Martin Gilbert to discuss the company’s strong interest in entering the Philippines, a move that could establish its footprint in the Asean, the department said.

Revolut is a global financial technology leader and licensed digital bank in the UK and Europe. 

During the meeting, the company 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 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.

Aside from AI-related developments, Recto also met with Coca-Cola’s Executive Vice President and Chief Operating Officer Henrique Braun to brief him on the investment opportunities available under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

Recto likewise engaged with leading banks such as Citi and HSBC to discuss their robust operations in the Philippines.

Citi said back then it was committed to supporting the Philippines in its “Road to A” strategy. The Road to A refers to the government’s goal of securing an “A”” credit rating from international agencies by 2028 or until the end of the President’s Ferdinand Marcos Jr.’s term.

The country currently holds a high credit rating of BBB+ with a stable outlook from Standard and Poor (S&P), according to global economic data provider Trading Economics. 

Citi also provided updates on its partnership with government financial institutions to enhance payment solutions, with a focus on strengthening cybersecurity measures.

Meanwhile, the DOF said HSBC reaffirmed its commitment to support the government in its investment and fundraising initiatives.

Recto also had a one-on-one meeting with AirAsia CEO Anthony F. Fernandes to discuss strategic opportunities for the airline’s expansion in the Philippines. 

The airline plans to establish a maintenance, repair and operations facility in the country, which is expected to generate more jobs and position the Philippines as a regional hub for aviation services, the department said. 

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