The Philippines garnered strong interest from artificial intelligence (AI) investors during the World Economic Forum (WEF) annual meeting in Davos-Klosters, Switzerland.
Nearly 50 international public and private sector leaders attended the Philippine Breakfast Interaction where Finance Secretary Ralph Recto spotlighted the Philippines’ strategic advantages that position it as an ideal partner in building the economy of the future.
Central to this pitch were the attractive fiscal and non-fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act that will ensure the long-term success of businesses and potentially position the country as a hub for AI innovation.
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.
He said the government also 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.
The Breakfast Interaction gathered key business figures including Marcus Wallenberg, chairman of Skandinaviska Enskilda Banken; Philippe Amon, chairman and chief executive of SICPA SA; Catarina Amon, chief executive and founder of Classeek; Anthony Tan, chief executive and co-founder of Grab; John Riady, Group chief executive of Lippo Indonesia; Tony Fernandes, chief executive of AirAsia; and Calvin Choi, chief executive of AMTD.
Also present were Jay Collins, vice chairman of Citi; Helena Lersch, vice president of public policy of Tiktok; Amit Kalyani, vice-chairman and joint managing director of Kalyani Strategic Systems Limited; and Albert Chang, managing partner of Southeast Asia at McKinsey & Co.
Representatives from HCLSoftware, ING, Glencore International, BHP and Bitkub Capital Group Holdings were also in attendance.
Recto also 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 and upskilling the Filipino workforce.
Leading US cryptocurrency company Coinbase co-founder and chief executive 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.
Recto welcomed Coinbase’s interest and emphasized the 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 strong 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.
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.
ING chairman Karl Guha and chief executive 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 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.
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.