Philippines Attracts Investors At WEF

The Philippines, represented by Special Envoy to the World Economic Forum (WEF) and Finance Secretary Ralph G. Recto, garnered strong business interest in artificial intelligence (AI) investments during the WEF Annual Meeting held in Davos-Klosters, Switzerland.

The Finance Chief highlighted the country’s strategic advantages as a partner in building the economy of the future to high-profile representatives of the World Economic Forum. I Photo: World Economic Forum Facebook

At the Philippine Breakfast Interaction, attended by nearly 50 international public and private sector leaders, the Finance Chief highlighted the country’s strategic advantages as a partner in building the economy of the future.

Key incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act were central to this pitch, promising long-term business success and positioning the country as a hub for AI innovation.

Secretary Recto also outlined the government’s efforts to expand digital infrastructure through the Philippine Digital Infrastructure Project, the National Broadband Program, and the Common Tower Program to improve nationwide connectivity, especially in underserved areas.

The government has introduced digital regulations, such as the Internet Transactions Act and a value-added tax on non-resident digital services, while also advancing workforce upskilling through the Artificial Intelligence Strategy Roadmap to maximize the country’s demographic potential.

High-profile attendees at the event included Marcus Wallenberg, Chairman of Skandinaviska Enskilda Banken; Philippe Amon, Chairman and CEO of SICPA SA; Anthony Tan, CEO of Grab; and Brian Armstrong, Co-founder and CEO of Coinbase.

Armstrong expressed interest in expanding Coinbase’s operations in the Philippines, recognizing the country’s burgeoning digital economy and adoption of blockchain technology.

In response, Secretary Recto assured the government’s commitment to innovation, offering a robust regulatory framework to support cryptocurrency adoption while ensuring consumer protection and financial stability.