Makati – 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) to become an artificial intelligence (AI) powerhouse. In his talk last June 14, 2019 on the Philippines’ current business climate and industry development initiatives of the Department, the trade chief highlighted the country’s abundant human capital, those graduates of science and engineering as well as non-technical.
“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 Sec. Lopez to his fellow UPSEAAns headed by President Jeffrey Ng, and composed of accomplished business executives, entrepreneurs, and economists.
DTI noted various applications for AI can be used in agriculture, healthcare, finance, retail, transport, and smart cities. AI software revenue by industry is expected to reach more than USD 100 billion by 2025 while global AI business value is projected to reach USD 5.8 trillion by 2022.
The Secretary 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,” Sec. Lopez added.
Likewise, the trade chief shared 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. PH 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 country.
“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,” shared Sec. Lopez.
The trade chief 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.
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