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UK backs Philippine in ethical AI, green finance push

Business

UK backs Philippine in ethical AI, green finance push

By Manila Bulletin

By DERCO ROSAL

Department of Finance (DOF) Secretary Ralph G. Recto has secured the support of London executive Alderman Michael Mainelli to boost the Philippines’ ambitions in artificial intelligence (AI) and climate finance.

On the sidelines of the Philippine Economic Briefing in London, Oct. 29, the United Kingdom (UK) invited the Philippines to join its Ethical AI Initiative, an AI management program involving around 60 countries.

“This initiative champions the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy, and dignity,” the DOF said in a statement.

Mainelli also committed to supporting the Philippines' climate finance objectives by helping to develop sustainability-linked policy performance bonds, an innovative alternative to standard ESG financing.

Mainelli stressed hydrogen investments, like hydrogen-fueled vehicles, to boost the Philippines' decarbonization and discussed potential partnerships in mining, defense, and renewable energy.

Also, the lord mayor requested the Philippines' support for the UK’s Space Protection Initiative, aimed at promoting safe and sustainable use of outer space as global reliance on space systems increases.

Mainelli, as the lord mayor of London, leads the City of London Corporation and acts as a global ambassador for the UK’s financial and professional services sector.

Related Tags

Department of Finance (DOF) ralph recto Artificial Intelligence (AI) Finance Secretary

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