The Department of Finance (DOF) said that during the World Economic Forum (WEF) in Davos, Switzerland, several companies expressed interest to invest in the Philippines.
In a statement Monday, the DOF said the Philippines, through Special Envoy of the President to the WEF and Finance Secretary Ralph Recto, garnered strong business interest in artificial intelligence (AI) investments during the WEF Annual Meeting held in Davos-Klosters, Switzerland from Jan. 20 to 24.
The DOF said 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.
Leading US cryptocurrency company Coinbase Co-founder and chief executive officer Brian Armstrong initiated a meeting with Recto to convey its strong interest in expanding its footprint to the Philippines.
The company recognized the country’s growing digital economy and the increasing adoption of blockchain technology.
Recto, for his part, welcomed Coinbase’s interest and emphasized the Philippine government’s commitment to fostering innovation in the financial sector.
He also assured that the government is willing to provide a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability.
Aside from Coinbase, Recto also met with Revolut chairman Martin Gilbert to discuss the company’s strong interest in entering the Philippines.
Revolut is a global financial technology leader and licensed digital bank in the UK and Europe.
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.
Meanwhile, ING chairman Karl Guha and chief executive officer Steven van Rijswijk also met with Recto to explore more partnership opportunities with the Philippines, particularly in leveraging AI in its ING hubs.
The DOF said 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.
Aside from these companies, the DOF said HCLSoftware’s 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 and offered to share best practices and innovative solutions of other governments worldwide to help enhance the Philippines’ technological backbone.
Recto also met with Visa vice chair and chief people and corporate affairs officer Kelly Mahon Tullier, along with global head of government engagement Robert Thomson, where the company reaffirmed its strong commitment to supporting the Philippines’ digitalization programs.
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 for overseas Filipino workers.
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 expressed its willingness to partner with the Philippine government, the private sector, and major technology players to help deliver cutting-edge healthcare solutions in the country. (PNA)
