Phl draws global interest for AI investments - DOF

The Philippines continues to position itself as a key hub for artificial intelligence (AI) and digital innovation, according to the Department of Finance (DOF).

- KEISHA TA-ASAN

During a series of high-level meetings with global business leaders at the World Economic Forum Annual Meeting, Finance Secretary Ralph Recto engaged with executives from leading firms such as Coinbase, Revolut, ING, Visa and Philips, securing commitments to invest in the country's digital economy, health care system as well as financial technology sectors.

"Recto held one-on-one meetings with senior executives from leading companies, who expressed keen interest in collaborating with the Philippines to leverage AI for enhancing financial inclusion, strengthening the healthcare system, upskilling the Filipino workforce and more," the DOF said in a statement.

Among the notable discussions, Brian Armstrong, co-founder and CEO of Coinbase, said the company is interested in further expanding its operations in the Philippines.

Citing the country's burgeoning digital economy and rising blockchain adoption, Armstrong said the Philippines has potential to play a pivotal role in the cryptocurrency space.

Recto welcomed Coinbase's plans and reaffirmed the Philippine government's commitment to fostering innovation through a robust regulatory framework.

The DOF chief said it is important to balance cryptocurrency adoption with consumer protection and financial stability.