Philippines draws global interest for AI investments – DOF

MANILA, Philippines — The Philippines continues to position itself as a key hub for artificial intelligence (AI) and digital innovation, according to the Department of Finance (DOF).

During a series of high-level meetings with global business leaders at the World Economic Forum Annual Meeting, Finance Secretary Ralph Recto engaged with executives from leading firms such as Coinbase, Revolut, ING, Visa and Philips, securing commitments to invest in the country’s digital economy, health care system as well as financial technology sectors.

“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,” the DOF said in a statement.

Among the notable discussions, Brian Armstrong, co-founder and CEO of Coinbase, said the company is interested in further expanding its operations in the Philippines.

Citing the country’s burgeoning digital economy and rising blockchain adoption, Armstrong said the Philippines has potential to play a pivotal role in the cryptocurrency space.

Recto welcomed Coinbase’s plans and reaffirmed the Philippine government’s commitment to fostering innovation through a robust regulatory framework.

The DOF chief said it is important to balance cryptocurrency adoption with consumer protection and financial stability.

Revolut, a UK-based financial technology leader and digital bank, also signaled interest in entering the Philippine market.

Revolut chairman Martin Gilbert said the country’s dynamic talent pool and growing digital economy were key factors in Revolut’s interest.

“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,” the DOF said.

Banking giant ING also plans to bolster its presence in the Philippines by leveraging AI technology in its operational hubs.

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 hubs.

ING also revealed that the Philippines would be the next location for its generative AI (GenAI) applications, following successful launches in the Netherlands and Germany.

Meanwhile, HCLSoftware executives Rajiv Shesh and Kalyan Kumar discussed partnering with the Philippines to accelerate the country’s digital transformation.

“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,” the DOF said.

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

It also affirmed its commitment to partner with the Philippine government in developing software technologies. The DOF said they offered to share best practices and innovative solutions of other governments worldwide to help enhance the Philippines’ technological backbone.

Visa vice chair Kelly Mahon Tullier and global head of government engagement Robert Thomson reaffirmed their commitment to the Philippines’ digitalization agenda.

The discussions included bolstering cross-border payments, remittance efficiency and cybersecurity, alongside expanding Visa’s operations, which already employ about 1,000 Filipinos.

Philips CEO Roy Jakobs and vice president Jan-Willem Scheijgrond also explored opportunities to improve healthcare delivery in the Philippines through digital innovation.

Philips expressed readiness to partner with the government and private sector in deploying cutting-edge healthcare solutions to transform patient outcomes.

AirAsia CEO Anthony Fernandes discussed strategic opportunities for the airline’s expansion in the Philippines.

“The company plans to establish a maintenance, repair and operations (MRO) facility in the country, which is expected to generate more jobs and position the Philippines as a regional hub for aviation services,” the DOF said.

Coca-Cola executive vice president Henrique Braun was also briefed on investment opportunities under the CREATE MORE Act, reinforcing the Philippines’ appeal as a key investment destination.

Recto also met with executives from Citi and HSBC to discuss the banks’ ongoing operations and partnerships in the Philippines.

Citi pledged to support the country’s “Road to A” strategy and enhance payment solutions, while HSBC committed to assisting the government’s investment and fundraising initiatives.