PH Conglomerates to invest US$20 Mn for NCAIR
Several conglomerates in the Philippines are set to invest US$20 million in the establishment of the National Center for AI Research (NCAIR).
According to the Department of Trade and Industry (DTI) Secretary Ramon Lopez, the private sector is already preparing the registration with the Securities and Exchange Commission.
“I will tell you that the biggest conglomerates in the country agreed to be part of that. They’re funding it, putting equity,” Lopez stated.
The NCAIR is part of the national program that will help accelerate the adoption and use of AI for industrial development and high-paying jobs for Filipinos. It is also expected to position the country as an AI Center for Excellence in Southeast Asia.
According to research firm Kearney, Ai adoption in the Philippines will help the country increase its Gross Domestic Product (GDP) to 12% in 2030, adding about US$92 billion to the economy.
Lopez added that the NCAIR “will build the capacity of companies to produce new products, processes, and services using AI. It will help them apply AI in their operations to, among many potential AI applications… leading to more operational efficiencies and innovation.”
