Manila Summit explores the future of healthcare, education, and beyond

In photo: Grab Philippines country head Martha Borja, Maya president Angelo Madrid, Ayannah Business Solutions president Richard Alikpala, Home Credit director and treasurer Zdenek Jankovsky, FinTech Alliance Ph founder and chairman Lito Villanueva, FinTech Alliance trustee Ida Tiongson, and Coins.Ph country head Jen Bilango.

Over a thousand attendees joined the annual summit organized by FinTech Alliance Ph, the country’s leading association for financial technology and digital innovators.

This year’s theme, “AI (Artificial Intelligence) Unlocked: Shaping Our Digital Future,” explored the impact of artificial intelligence on finance, infrastructure, regulations, digital marketing, labor, education, healthcare, and more.

The summit was opened by the organization’s founding chairman, Lito Villanueva, who emphasized the responsibility of leaders to address critical issues such as deep fakes, digital security, and workplace evolution.

“Together, we renewed our commitment to making finance accessible to all Filipinos and propelling the country toward becoming an AI-ready nation,” he said.

Villanueva also shared five key developments made by the organization in recent years.

First, the Philippine fintech sector achieved the government’s growth goals ahead of the 2028 target set by NEDA.

Second, last year’s Bagong Pilipinas pavilion showcased various Philippine fintech players at the Singapore Fintech Festival, with plans to do it again in 2024.

Third, Fintech Alliance Ph is one of 14 fintech organizations in Asia that founded the Asia Fintech Alliance to enhance regional collaboration.

Fourth, Fintech Alliance Ph’s membership has grown to over 100 corporate members, with future initiatives aimed at enhancing its representation.

Lastly, Fintech Alliance Ph remains a significant government partner in governance and compliance. The organization recently won the 2024 Cybersecurity Innovation Award for the Philippines at the Banking and Finance Wholesale Banking Awards for its 2023 campaign, #WagMagpalokoMagingScamAlerto, which educates consumers on digital scams and crimes.

Discussions at the summit focused on AI’s innovation potential, with an emphasis on safe risk management and responsible usage.

Chuchi Fonacier, deputy governor of the financial sector at Bangko Sentral ng Pilipinas, said, “While the Bangko Sentral ng Pilipinas recognizes the significance of AI, our focus must remain on responsible usage. Exciting times await, but we need to be vigilant.” FinTech Alliance Ph aims to adapt Europe’s AI Act, the first legal framework addressing AI risks, to suit the Philippines.

Kathy Mercado, president of the Philippine Marketing Association, highlighted how they are using AI in marketing by customizing ads and engaging customers with multilingual capabilities.

Arianne Ferrer, external affairs director of Tala Financing, described AI as a “wonderful tool” for increasing financial access for Filipinos. Similarly, Eugene Acevedo, chief executive officer and president of RCBC, acknowledged the challenges of integrating AI while noting that “…for banks like us, customers come first, and technology helps us serve them better.”

In education, Dr. Robby Galang, dean of the Ateneo John Gokongwei School of Management, stressed that critical thinking regarding AI usage must become a priority. “We must teach students not just to answer questions but to evaluate information,” he said.

In healthcare, a panel featuring Quintin Pastrana, chief executive officer of MWell, Dr. Regidor Encabo, president of the Philippine Society of Cardiovascular Catheterization and Interventions, Jason Jalandoni, president of NOVA Health, and Carl Ng, general partner of Verge Health Tech Fund, concurred that while AI is a valuable diagnostic and therapeutic tool, human oversight and ethical considerations are paramount in its implementation.

The Manila Tech Summit highlighted the transformative potential of AI across sectors, advocating for responsible usage and innovation to shape the Philippines’ future. — EDISON JOSEPH GONZALES