PHILIPPINE businesses could reap P2.8 trillion or about $50.7 billion in economic benefits in 2030 by using artificial intelligence (AI)-powered products and solutions, according to a study released by tech policy advisory firm Access Partnership on Thursday, May 30.
This could be in the form of cost-saving benefits or revenue benefits, said Fraser Thompson, the principal of economics strategy at Access Partnership, during the launch of the Google AI Essentials course in Taguig City.
“In logistics, which is one of the more inefficient sectors across most countries, you can use AI to combine a whole lot of different data from weather patterns to latest traffic congestion to roadworks to various other aspects, and then help to optimize all the different combinations of transport to get a good from one place to another,” said Thompson, as an example of a cost-saving perk.
He also noted how retail companies can boost sales if they are able to better engage with consumers and understand their preferences through AI tools.
All in all, Thompson said they considered 60 use cases relevant to the Philippines and over 200 AI-powered technologies.
The study showed that of the P2.8 trillion potential economic value of generative AI, 21 percent would come from the consumer, retail and hospitality space; while 20 percent will come from manufacturing.
Another 15 percent will come from financial services; while 11 percent will come from professional services, including information technology-business process management (IT-BPM).
The remaining 33 percent will come from other industries, including infrastructure, agriculture and education.
The challenge, said Thompson, would be to make sure that Filipino workers are able to access the training they need to work with artificial intelligence.
“It’s not about losing jobs to technology but it’s about not having access to the digital skills to capture the benefits of AI. A lot of the survey data shows that a lot of workers don’t know where to start. I want AI skills but what AI skills? Where do I go?” he said.
He said it may also take time for businesses to get a hang of the different AI technologies available and determine which ones would best complement their operations and boost their productivity.
Thompson added the government should also recognize the importance of AI and integrate it into their system. (ABS-CBN News)
