An estimated $20 million (~Php1 billion) is being invested in a shared hub on artificial intelligence (AI) by large enterprises in the Philippines to bolster the country’s adoption of the technology, use the power of AI to advance the industry, and create high-paying jobs for Filipinos.
Per Department of Trade and Industry (DTI) Secretary Ramon Lopez, during an interview, the country’s conglomerates are supporting the National Center for AI Research (NCAIR) with funds to establish the Philippines as an AI Center for Excellence in Southeast Asia.
Furthermore, Lopez claims that, in preparation for that goal, the private sector is already working to register with the Securities and Exchange Commission.
The adoption of AI, per research firm Kearney, is anticipated to help boost the country’s gross domestic product (GDP) to 12 percent by 2030—tantamount to $92 billion for the Philippine economy.
Talks about the country embracing AI has not been new, however. Just in May 2021, the DTI revealed its plans regarding the implementation of the technology in the Philippines.