Sunday, July 14, 2024

Philippines To Gain Over PHP2 Trillion Annually From AI-Powered Solutions

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Philippines To Gain Over PHP2 Trillion Annually From AI-Powered Solutions

2637

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The Philippines can gain more than PHP2 trillion annually if businesses use artificial intelligence (AI)-solutions but efforts must be made to improve the country’s internet infrastructure, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

“The technology is estimated to contribute USD15.7 trillion to the global economy by 2030 according to one estimate, with the Philippines potentially gaining PHP2.6 trillion annually if businesses adopt AI-powered solutions,” Balisacan said during the launch of the National AI Strategy Roadmap 2.0 and the Center for AI Research held on Wednesday at the Westin Manila, Ortigas Center, Mandaluyong City.

Balisacan said sectors such as retail, logistics, manufacturing, and financial services can revolutionize operations and enhance performance through the use of AI.

He added generative AI, which is capable of autonomously creating content, designs, and solutions, can help transform industries by significantly reducing production costs.

“By integrating generative AI, the Philippines can take a leading role in creative industries, software development, and other high value-added services, further boosting our economic potential,” Balisacan said.

“Ultimately, the National AI Strategy Roadmap 2.0 will strengthen the government’s capacity for sustainable digital transformation, promoting local innovation and entrepreneurship while enabling new opportunities in the digital economy,” he added.

Balisacan, however, cited the need to improve the country’s internet infrastructure as AI technology depends on real-time data exchange and processing capabilities, requiring high-speed internet and vast data storage solutions.

“To strengthen the country’s internet infrastructure and enhance digital connectivity, NEDA, in collaboration with other government champions, strongly advocates for the passage of the Konektadong Pinoy Act or the Open Access bill,” he said.

The proposed bill aims to provide affordable internet access for every Filipino by enhancing market accessibility, upgrading physical and digital infrastructure, and enabling full participation of individuals and businesses in the digital economy.

“By promoting access to affordable and better-quality internet services, this legislation will allow the country to harness the full benefits of AI,” Balisacan said. (PNA)