The Philippines, long hailed as a leader in digital adoption, is on the verge of a major fintech transformation, powered by the rise of artificial intelligence.
A new report by London-based public policy research agency Public First reveals that artificial intelligence could boost the nation’s economy by a staggering ₱1.8 trillion (approximately US$31 billion), with the finance and insurance sector poised for a groundbreaking P300 billion increase in gross value added (GVA).
Commissioned by Google, the “Turbocharging Growth: The Philippines’ AI Opportunity” report positions artificial intelligence not just as a tool for economic expansion, but as a critical catalyst for innovation within the country’s rapidly evolving financial landscape. This potential is already taking root, with half of Filipinos regularly using such tools, reflecting a tech-savvy population ready for a new wave of digital financial services.
Google Country Marketing Manager for Vietnam and the Philippines Gabby Roxas explains the latest projections for the country’s economic growth once it invests in artificial intelligence in the workforce, predicting a possible boost of up to ₱1.8 trillion in gross value added
“This P1.8 trillion increase is actually a difference between the overall productivity and the reduction of costs,” said Gabby Roxas, Country Marketing Manager for Google Philippines and Vietnam. “For example, in the retail sector, that added time that you can spend toward higher-value tasks is what helps lift up the economy as a whole.”
AI drives productivity and growth
The report offers a deep dive into how artificial intelligence can revolutionize the financial industry by boosting productivity and efficiency. According to the study, artificial intelligence could augment the productivity of 37% of the workforce, potentially leading to a 6% wage increase and an additional ₱110,000 in annual productivity per worker.
“You can free up three hours of time every week in terms of administrative tasks,” Roxas said in an interview. “It’s not an uncommon story where we have employees saying, ‘I’m busy here and there, that’s why I’m not following up on leads.’ That added time you can spend on higher-value tasks is what helps lift up the economy as a whole.”
Roxas added that the ₱1.8 trillion estimate covers multiple industries, from reducing fraud in finance and insurance to expanding market reach in retail and wholesale.
Beyond efficiency, the report’s insights point to key areas where artificial intelligence can drive unprecedented growth in the fintech space:
- Automated operations: The report highlights how artificial intelligence can automate tasks in key sectors, including wholesale and retail, by a potential ₱410 billion, indirectly benefiting the entire financial ecosystem by creating more efficient supply chains and payment processes.
- Fraud detection and cybersecurity: Systems powered by artificial intelligence can analyze vast amounts of data in real-time, helping financial institutions identify and mitigate cyber threats and reduce fraud-related costs, which the study suggests could save the country over P180 billion by 2035.
- Personalized services: Artificial intelligence can analyze customer data to offer hyper-personalized financial products, from tailored insurance plans to customized investment advice, driving new revenue streams and customer loyalty.
Building a future-ready fintech workforce
Photo shows (from left) Gabby Roxas, Country Marketing Manager (Google Vietnam and the Philippines); Pat Choa, Site Director (Google Philippines); and Rudy Guiao, Managing Director and Corporate Citizenship Lead (Accenture in the Philippines).
As artificial intelligence transforms various sectors, the demand for a skilled workforce equipped to manage and innovate with these new tools is paramount. The report emphasizes the need for upskilling, noting that 90% of workers are interested in training to understand artificial intelligence models.
Roxas is optimistic about the potential of the Filipino workforce. “I have a little bit more faith in how quickly they can learn. Once it’s in front of them, I’m confident Filipinos will learn faster,” he said. “The willingness and eagerness to adopt is there. I think as a nation, we are very much eager to try new technologies.”
To meet this demand, companies like Google and Accenture are stepping up their efforts. Google, through partnerships with government and industry groups like the IBPAP, is making its Google Career Certificates and AI Essentials courses available to help train the next generation of fintech professionals.
Roxas said that Google is investing in artificial intelligence tools that directly enhance productivity. “Through Google Workspace, there are Gemini tools already available. I can attest that it helps me with productivity. Gemini is also a standalone application — whether that helps you with planning or developing assets, it works as well. It’s multifaceted,” he said.
Accenture, a top employer in the country, is expanding its collaboration with Google to upskill its communities and employees, ensuring they are ready to seize the opportunities in an economy led by artificial intelligence.
“At Accenture, we’re committed to upskilling communities, empowering individuals to drive innovation and economic growth. We believe that our investments in education and training can bridge the skills gap and promote digital inclusion. We are proud to expand our collaboration with Google in the Philippines to help our communities thrive with artificial intelligence,” said Rudy Guiao, Managing Director and Corporate Citizenship Lead of Accenture in the Philippines.
“I would encourage businesses large and small here in the Philippines to set aside time to actually learn,” Roxas added, highlighting that once employees start to get familiar with artificial intelligence tools, they get easier to use.
“AI is more than just a buzzword; it’s a powerful tool that can help every Filipino — from business owners to financial professionals — thrive in a rapidly changing world,” said Roxas. “This report gives us a clear picture of what’s possible, and it’s up to all of us to ensure we have the skills needed to seize this incredible opportunity.”
With a clear path to leveraging artificial intelligence for economic and social growth, the Philippines is well-positioned to cement its status as a fintech hub in Southeast Asia.
