Department of Trade and Industry (DTI) Secretary Ramon Lopez discussed with the University of the Philippines School of Economics Alumni Association (UPSEAA) the potential of the Philippines (PH) in becoming an artificial intelligence (AI) powerhouse.
In his recent talk on PH’s current business climate and industry development initiatives of the DTI, Lopez highlighted the country’s abundant human capital, those graduates of science and engineering as well as of non-technical courses.
“AI is a great equalizer where our educated, highly skilled, and highly-motivated young population can make their mark.”
“We see how AI becomes a great equalizer where our educated, highly skilled, and highly-motivated young population can make their mark. Everyone has a place under this new industrial regime, regardless of educational level, or background, or interest,” shared the trade chief to his fellow UPSEAAns headed by President Jeffrey Ng, and composed of accomplished business executives, entrepreneurs, and economists.
The DTI noted that AI applications can be used in agriculture, healthcare, finance, retail, transport, and smart cities. AI software revenue by industry is expected to reach more than $100 billion by 2025 while global AI business value is projected to reach $5.8 trillion by 2022.
Lopez also shared the working framework for the formulation of PH AI Strategy.
“As we visualize this, we will obtain support from various stakeholders from national, regional, and local champions from schools and universities across the country as well as from industry giants,” he said.
Likewise, Lopez emphasized the highlights and key elements of inclusive, innovation-led, industrial strategy (i3S), which aims at growing innovative and globally competitive manufacturing, agriculture, and services while strengthening their linkages into domestic and global value chains. The government connects stakeholders and integrate the country’s innovation and entrepreneurship ecosystem through the Regional Inclusive Innovation Centers (RIICs) present in different parts of the Philippines.
“President Rodrigo Duterte’s vision is for the country to have creative and connected communities where innovators, start-ups, MSMEs, and large enterprises can collaborate to produce new products and services. Working together can help us achieve our goal of generating inclusive growth and shared prosperity for all, most especially for those at the bottom of the pyramid,” Lopez said.
“President Rodrigo Duterte’s vision is for the country to have creative and connected communities.”
He also provided updates on trade negotiations, export promotion, MSME development, consumer protection, as well as ease of doing business. He also shared various economic and policy reforms pushed by the administration that will boost foreign investments and promote job generation.