Philippines Secures AI Investments, Eyes WEF Gains

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The Philippines, led by Special Envoy to the World Economic Forum (WEF) and Finance Secretary Ralph G. Recto, drew significant business interest in artificial intelligence (AI) investments during the WEF Annual Meeting held in Davos-Klosters, Switzerland, from January 20 to 24, 2025.

At the Philippine Breakfast Interaction, attended by nearly 50 international public and private sector leaders, Recto emphasized the country’s strategic advantages as an ideal partner in building the economy of the future.

Central to the Philippines’ pitch were incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, designed to ensure long-term business success and position the country as a hub for AI innovation.

Recto highlighted ongoing digital infrastructure projects, including the Philippine Digital Infrastructure Project, National Broadband Program, and Common Tower Program, to improve connectivity nationwide, particularly in underserved areas.

Regulations such as the Internet Transactions Act and the value-added tax on non-resident digital services were also cited as measures to strengthen oversight of digital businesses.

To leverage its young workforce, the government continues to upskill Filipinos through its Artificial Intelligence Strategy Roadmap.

Recto was joined by House Speaker Ferdinand Martin G. Romualdez, Trade Secretary Ma. Cristina A. Roque, and Ambassador Manuel Antonio J. Teehankee during the event.

Key business leaders in attendance included Marcus Wallenberg of Skandinaviska Enskilda Banken, Philippe Amon of SICPA SA, Anthony Tan of Grab, and Tony Fernandes of AirAsia, among others. Representatives from HCLSoftware, ING, Glencore International, BHP, and Bitkub Capital Group Holdings also participated.

Secretary Recto conducted one-on-one meetings with senior executives from top global companies, exploring collaborations in AI to enhance financial inclusion, healthcare, workforce upskilling, and more.

Brian Armstrong, Coinbase co-founder and CEO, expressed strong interest in expanding the company’s presence in the Philippines, citing the nation’s growing digital economy and adoption of blockchain technology.

Recto welcomed Coinbase’s interest and reiterated the government’s support for innovation in the financial sector, offering a robust regulatory framework to ensure consumer protection and financial stability.

In another meeting, Revolut Chairman Martin Gilbert discussed the company’s plans to enter the Philippine market, citing opportunities in digital banking, credit access, and competitive foreign exchange solutions.

ING executives highlighted the Philippines as a strategic hub, with 6,000 of its global workforce based in the country. The bank is set to launch generative AI applications in the Philippines, following successful rollouts in the Netherlands and Germany.

HCLSoftware executives also engaged with Recto, expressing interest in supporting research and development, fostering local talent, and advancing digital transformation initiatives.

Visa’s Kelly Mahon Tullier and Robert Thomson reaffirmed their commitment to the Philippines’ digitalization efforts, including financial modernization and cybersecurity enhancements.

Philips CEO Roy Jakobs discussed potential collaborations in digital healthcare, emphasizing the company’s readiness to deliver innovative health solutions.

Aside from AI investments, Recto met Coca-Cola’s Henrique Braun to discuss opportunities under the CREATE MORE Act and engaged with Citi and HSBC on strengthening financial operations and supporting government initiatives.

AirAsia CEO Tony Fernandes revealed plans to establish a maintenance, repair, and operations (MRO) facility in the Philippines, expected to create jobs and position the country as a regional aviation hub.

Recto also participated in media interviews with Bloomberg, Reuters, CNBC, and The Wall Street Journal to promote the Philippines’ economic stability and investment opportunities.

In addition, he joined the ASEAN Leaders for Just Energy Transition Forum alongside Malaysia’s Prime Minister Anwar Ibrahim to discuss regional commitments to equitable clean energy transitions.