Department of Finance
MANILA – Finance Secretary Ralph Recto has secured the support of The Right Honourable Lord Mayor of London Alderman Michael Mainelli in advancing the Philippines’ ambitions in artificial intelligence (AI) and climate finance.
In a high-level meeting on Oct. 29, 2024 at the Mansion House in London, Lord Mayor Alderman Mainelli invited the Philippines to join the UK’s Ethical AI Initiative, which is an AI management program taken by around 60 countries.
This initiative champions the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy, and dignity.
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In addition, the Lord Mayor pledged his support for the Philippines’ climate finance goals by offering assistance in establishing sustainability-linked policy performance bonds, which are an innovative alternative to traditional ESG financing.
He, likewise, introduced the potential of hydrogen investments, such as hydrogen-fueled vehicles, to accelerate the Philippines’ decarbonization efforts.
Discussions also explored further collaboration in strategic sectors, including mining, defense and security, and renewable energy.
Meanwhile, the Lord Mayor sought the Philippines’ support for the UK’s Space Protection Initiative, which is a project to promote the safe and sustainable use of outer space in light of the world’s growing dependence on space systems.
The Lord Mayor of London is the head of the City of London Corporation and serves as the international ambassador for the UK’s financial and professional services sector.
Joining Secretary Recto during the meeting were Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, Undersecretary Domini Velasquez, and National Treasurer Sharon Almanza.
It was held on the sidelines of the Philippine Economic Briefing in London from Oct. 29 to 31, 2024. (PR)