Global public policy consultancy Access Partnership released a study which states that generative artificial intelligence* (AI) will unlock a potential of $79.3 billion worth of production in the Philippines.
"We expected to have effects across work activities and groups of industries. In the Philippines, we see that it will unlock significant productive capacity," said Access Partnership Director of Economic Strategy Marcus Ng in the recorded version of the event released by the Makati Business Club on June 2.
Ng stated that the work activities in the Philippines could be transformed by generative AI. The industries that would be affected are wholesale and retail trade; agriculture, hunting, forestry and fishing; construction, manufacturing and transport services.
"The potential of generative AI could transform the work experience for local workers. If we adopted generative AI economy wide, the wholesale and retail trade, and agriculture sector, who are among the largest employers in the Philippines economy, would see a large number of their workers who are potentially new, potentially burdensome and potentially more effective work experiences," he said.
However, this would entail upskilling the workforce, focusing on critical-thinking, reading and writing as key parts to input-and-output equation.
*Generative artificial intelligence or generative AI is a type of artificial intelligence (AI) system capable of generating text, images, or other media in response to prompts. Generative AI models learn the patterns and structure of their input training data, and then generate new data that has similar characteristics.
Source: Manila Times