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Manila Bulletin devider Business devider Trade & Industry devider $200-$400-M ADB loan eyed for PH tech innovation -- DTI

$200-$400-M ADB loan eyed for PH tech innovation -- DTI

Published Nov 5, 2023 04:33 pm

The Philippines is eyeing between $200 to $400 million loan from the Asian Development Bank (ADB) to bankroll the country’s technology innovation programs and adoption of new technologies, according to the Department of Trade and Industry (DTI).

“We’re looking at $200-400 million,” DTI Competitiveness and Innovation Group Undersecretary Rafaelita M. Aldaba said during an ambush interview with beat reporters at a press conference on Friday, Nov. 3.

Aldaba said that the amount would be used for the establishment of the Center for Artificial Intelligence Research (CAIR), Industry 4.0 pilot factory, and National Innovation Gateway, among others.

“It’s not just going to be the [CAIR], it will also include the Industry 4.0 pilot factory, construction of the National Innovation Gateway which will provide spaces for startups, a sandbox, and other innovative facilities,” she added.

Aldaba didn’t say when they could finalize the loan agreement as the government is still “in the process of negotiating” as well as conducting a feasibility study. The loan is backed by the National Economic and Development Authority (NEDA), the Department of Finance (DOF), and especially ADB.

Further, Aldaba emphasized that they are pushing for faster construction of the innovation facilities as they “want to modernize and advance the Philippines by 2025.”

In her presentation during the press conference, Aldaba highlighted the AI’s potential to add $92 billion to the Philippine gross domestic product (GDP) by 2030 and $1 trillion to the Southeast Asia region.

Meanwhile, a Microsoft report also revealed that generative AI alone can unlock $79.3 billion in productive capacity in the country.

Last month, DTI Secretary Alfredo E. Pascual presented at the Government-University-Industry Leaders’ (GUILD) Summit 2023 the DTI’s innovation blueprint, aiming to foster innovation and digitalization by establishing a National Center for AI Research and Industry 4.0 Pilot Factory.

ADB’s loan program called Promoting Research and Innovation to Strengthen Transformation of Industries and Enterprises (PRISTINE) Project aims to improve the innovation ecosystem and establish applied R&D, skills development, and innovation infrastructure.

The project will include the DTI Innovation Gateway in Manila, establishing regional innovation hubs, and developing a Philippine Hub of Entrepreneurial Networking and Innovation Exchange (PHOENIX), positioning the Philippines as a global commerce destination.
 

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