Davos: The Department of Finance (DOF) has announced that during the World Economic Forum (WEF) in Davos, Switzerland, several companies expressed interest in investing in the Philippines.
According to Philippines News Agency, the Philippines, through Special Envoy of the President to the WEF and Finance Secretary Ralph Recto, garnered strong business interest in artificial intelligence (AI) investments during the WEF Annual Meeting held in Davos-Klosters, Switzerland from January 20 to 24.
The DOF reported that Recto engaged in one-on-one meetings with senior executives from leading companies who showed a keen interest in collaborating with the Philippines on AI initiatives. These discussions focused on leveraging AI to enhance financial inclusion, strengthen the healthcare system, and upskill the Filipino workforce.
Notably, Brian Armstrong, co-founder and CEO of the US cryptocurrency company Coinbase, initiated a meeting with Recto to express the company's strong interest in expanding its operations to the Philippines. Armstrong highlighted the country's growing digital economy and increased adoption of blockchain technology. Recto welcomed Coinbase's interest, emphasizing the government's commitment to fostering innovation in the financial sector and ensuring a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability.
In addition to Coinbase, Recto met with Martin Gilbert, chairman of Revolut, to discuss the company's interest in entering the Philippines. Revolut, a global financial technology leader and licensed digital bank in the UK and Europe, aims to empower Filipinos and small businesses with improved credit access and competitive foreign exchange solutions.
Recto also engaged with ING's chairman Karl Guha and CEO Steven van Rijswijk to explore partnership opportunities, particularly in leveraging AI in ING hubs. The DOF noted that ING considers the Philippines a strategic hub, with 6,000 of its 14,000 global workforce based in the country. ING plans to launch its pioneering use of generative artificial intelligence (GenAI) in the Philippines, making it the next country after the Netherlands and Germany to host live GenAI applications.
Furthermore, HCLSoftware's chief revenue officer Rajiv Shesh and chief product officer Kalyan Kumar discussed potential collaborations with Recto to advance the Philippines' digital transformation agenda. HCLSoftware, a global leader in technology solutions, expressed interest in supporting research and development initiatives and fostering local talent to cultivate a new generation of skilled tech engineers in the Philippines.
Visa vice chair Kelly Mahon Tullier and global head of government engagement Robert Thomson reaffirmed the company's commitment to supporting the Philippines' digitalization programs. Discussions focused on enhancing trust, strengthening cybersecurity, and improving financial transaction efficiency, including cross-border payments and remittances for overseas Filipino workers.
Philips CEO Roy Jakobs and vice president for global government and public affairs Jan-Willem Scheijgrond explored opportunities for advancing digital healthcare solutions in the Philippines. Philips expressed its willingness to partner with the Philippine government and the private sector to deliver cutting-edge healthcare solutions.
Recto also met with Coca-Cola's executive vice president Henrique Braun to discuss investment opportunities under the CREATE MORE Act. Additionally, leading banks Citi and HSBC expressed their commitment to supporting the Philippines in various initiatives, including cybersecurity and investment strategies.
Finally, Recto held a meeting with AirAsia CEO Anthony Fernandes to discuss strategic expansion opportunities in the Philippines. AirAsia plans to establish a maintenance, repair, and operations facility in the country, expected to generate jobs and position the Philippines as a regional hub for aviation services.
