International investors on artificial intelligence (AI) have flocked over the Philippines following President Marcos’ chief economic manager’s statement on the country’s strategic advantages, which make it an ideal partner in the future economy.
During the four-day World Economic Forum in Davos, Switzerland, Finance Secretary Ralph G. Recto emphasized the “Philippines’ strategic advantages that position it as an ideal partner in building the economy of the future.”
According to the Department of Finance (DOF) statement released on Monday, Jan. 27, Recto’s move “has garnered strong business interest in AI investments” from the leaders of leading companies globally.
Executives from these companies “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.”
Martin Gilbert, Revolut chairman, plans to enter the local market—a move that could establish its footprint in ASEAN.
Revolut is a leading global financial technology and licensed digital bank in the UK and Europe.
Gilbert sees the Philippines as “a highly attractive market due to its vibrant talent pool and significant opportunities in the digital economy.”
For the part of DOF, it sees that Revolut has a diverse global presence and innovative financial offerings which could “empower Filipinos and small businesses with improved credit access and more competitive foreign exchange solutions.”
Visa Inc., an American multinational payment card services corporation, “reaffirmed its strong commitment to supporting the Philippines in digitalizing key areas of the economy, particularly its tax system.”
Recto earlier stressed 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.
He assured that this tax system “will ensure the long-term success of businesses and potentially position the country as a hub for AI innovation.”
Visa further discussed how it 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.”
Aside from Revolut’s and Visa’s executives, Recto also had meetings with the managers of Philips (digital healthcare solutions), Coca-Cola, HCLSoftware, AirAsia, and Coinbase.
He also met some bank executives, including ING, Citi and HSBC, to discuss their operations in the Philippines.