Use of AI could ring up P2.8 trillion in revenues

MANILA, Philippines — The use of artificial intelligence (AI) tools in the daily operations of Philippine companies could translate to P2.8 trillion worth of revenues and cost savings in 2030, according to a report from Access Partnership and global technology company Google.

In the report titled “Economic Impact Report: Growing the Philippines AI Opportunity with Google,” the public policy consultancy firm noted the estimated economic benefits would be derived from various sectors—including consumer, retail and hospitality, manufacturing, financial services, professional services, health care, and education.

“Some of them are revenue benefits. For example, by better-targeting customers in the retail space, you can get better revenue,” Access Partnership principal Fraser Thompson told reporters in a briefing on Thursday.

READ: Boost your bottom line: Harness the power of artificial intelligence for greater profitability

Using AI can also cut operational costs for the businesses, Thompson noted. “[In logistics], you can reduce the cost and food spoilage by understanding exactly what’s the most efficient way of optimizing your transport networks,” he said.

In a case study involving a local outsourcing firm, the think tank noted that deploying AI tools had increased productivity by 65 percent because the technology streamlined tasks. AI, in addition, has enabled the employees to do higher-value activities instead.

The report also said AI could be used in the manufacturing industry to optimize production, mitigate environmental impact and monitor product quality.

To unlock the economic benefits, workers need to be upskilled and re-skilled in terms of digital capabilities.