The Philippines is “still one of the best-performing economies in Asia,” said the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan in a press briefing for the fourth quarter performance of the Philippine economy on January 31.
The Southeast Asian country’s economy grew by 5.6% in the fourth quarter of 2023, although it didn’t reach Ferdinand “Bongbong” Marcos Jr. administration’s target of 6-7%. Still, this news makes the Philippines a prime market for global investment.
Last year, local and foreign investors attended the Digital Pilipinas Festival 2023 to build their network and see if the budding startup space in the Philippines is worth investing in. Among them was Usec. Antonilo Mauricio, general manager of the state investment arm of the Philippines government, the National Development Company (NDC).
The NDC is the oldest government-owned and controlled corporation; it has been around since 1919, pursuing different investment ventures in areas such as industrial, agricultural, and mining sectors. Mauricio said the state investment arm has invested in 117 companies since its establishment. As to why they are in the Digital Pilipinas Festival, the NDC’s General Manager shared that it is to set up the Philippine Innovation Hub.
“[The Philippine Innovation Hub] is [made] in coordination with the National Innovation Council, which is headed by the president of the Philippines. The National Innovation Council is the prime innovation policymaking body,” Mauricio told CoinGeek Backstage on the sidelines of the Festival.
“So [the] NDC decided to put up a physical headquarters called the Philippine Innovation Hub, and we are the headquarters of the Philippine e-commerce platform, which is on beta right now, the Start-up Venture Fund…and the last one is the Philippines Artificial Intelligence Research Center,” he said.
Asked how they advance initiatives on artificial intelligence technologies with these hubs, Mauricio shared that AI helps them with their investment ventures through translation. The NDC general manager explained that when pitching to foreign investors, one of the most crucial areas is communication, and AI comes in handy in translation. Another area NDC seeks is how AI can be used for automation.
How about blockchain? How does the NDC streamline it? Regarding this tech, the NDC is a bit more careful as they need to find an accreditation system recognized by the government first to prove that the services they offer are indeed powered by blockchain.
Wrapping up the interview, Mauricio looks at the need for satellite deals to continue with the digital transformation movement. “If it’s already being done by the government and they don’t need the NDC, that’s great. But, again, going back to our satellite program, [you can’t] talk about digital transformation when you can’t even assure the connectivity of the country for the next ten years. So that’s where we saw the gap,” Mauricio remarked.
“NDC just basically looks at gaps that the government needs and the NDC can fill.”
Watch: The Philippines is prime for investments—here’s why
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