The Department of Finance (Philippines) reported strong business interest in investing in artificial intelligence after Finance Secretary Ralph G. Recto’s engagements at the World Economic Forum Annual Meeting in Davos-Klosters, including a Philippine Breakfast Interaction with around 50 international public and private sector leaders. The pitch positioned the Philippines as a potential hub for AI innovation, anchored on fiscal and non-fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act and broader government efforts on digital connectivity, digital regulation, and workforce upskilling. Supporting measures highlighted included the Philippine Digital Infrastructure Project, the National Broadband Program, and the Common Tower Program, alongside digital oversight initiatives such as the Internet Transactions Act and the value-added tax on non-resident digital services, as well as an Artificial Intelligence Strategy Roadmap for skills development. In bilateral meetings, Coinbase conveyed interest in expanding in the Philippines, with Recto signalling support for a regulatory framework that enables cryptocurrency adoption while safeguarding consumer protection and financial stability; Revolut discussed a potential market entry; and ING explored partnerships, noting that 6,000 of its 14,000 global workforce are based in the Philippines and that it is set to launch live generative AI applications in the country soon. Discussions also covered potential collaborations with HCLSoftware on digital transformation, Visa on digitalisation, cybersecurity and payment efficiency, and Philips on digital health solutions, alongside investment dialogues with banks including Citi and HSBC and AirAsia’s plans to establish a maintenance, repair, and operations facility in the Philippines.

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