• A survey by ManageEngine found that 95% of business decision-makers in the Philippines invest in AI and ML technologies.
• Most of the investments are for cyberattack prevention and task automation.
• Surveyed Filipino IT professionals noted that AI and ML technologies are also being used in departments such as customer service, finance, and others.

In a recent survey called “IT at Work: 2022 and Beyond,” it was revealed that 95% of business decision-makers in the Philippines invest in artificial intelligence (AI) and machine learning (ML) technologies. 

The study was conducted by ManageEngine, the information technology (IT) management division of the Indian multinational technology company Zoho Corporation. 

PH Businesses Invest in AI/ML

According to the survey, the investments made in the country for AI and ML are mainly for cyberattack prevention (65%) and task automation (62%), while others use them in customer service, finance, and other departments.

The term AI technology refers to a system that uses artificial intelligence to perform tasks that normally require human intelligence and judgment. While machine learning is a subfield of AI that uses algorithms trained on data to produce adaptable models that can perform a variety of complex tasks.

“The use of these technologies is not yet ubiquitous in the region (or globally for that matter. However, in the Philippines, the non-IT departments highlighted above are more likely to be using these technologies than their global counterparts,” the study noted. 

To arrive at these conclusions, ManageEngine surveyed 150 decision-makers from a range of private sector organizations across IT and other key business functions. The respondents were divided into two broad categories: IT decision-makers (ITDMs) and business decision-makers (BDMs).

Recently, several firms have been investing in cybersecurity and AI specifically.

Just this month, the Bank of the Philippine Islands (BPI) and Digital Pilipinas (DP) launched the TrustTech Movement to strengthen cybersecurity in the Philippines. 

The movement’s goals include advocating for a national effort against cyber scams, raising public awareness, and implementing protective measures for businesses and consumers.

Meanwhile, local crypto exchange Coins.ph had a discussion with the Cybercrime Investigation and Coordinating Center (CICC) to enhance their Know Your Customer (KYC) procedures, focusing on fraud prevention. 

ManageEngine in PH 

Consequently, ManageEngine also expressed its intention to address the evolving cybersecurity requirements in the Philippines by providing AI-driven solutions that equip local businesses with the necessary tools to protect their digital assets, detect anomalies, and respond swiftly to potential threats by utilizing real-time fraud monitoring tools and machine learning to safeguard customer funds. 

According to Arun Kumar, the regional director of ManageEngine for the Asia-Pacific region, the Philippines, like other dynamic markets in the region, demonstrates a strong trend of digitalization with promising potential:

“The country’s burgeoning e-commerce sector demands advanced cybersecurity measures to protect sensitive financial transactions and customer data, aligning perfectly with our goal to empower Philippine businesses with the essential tools and technologies for safeguarding their digital assets.”

He also commended the Philippine government for actively promoting e-government services and investing in enhancing internet connectivity, while emphasizing that their “comprehensive IT solutions are tailored to support these digital mandates.”

“ManageEngine’s commitment to the Philippine market is driven by the urgent need to address the changing security landscape and evolving cybersecurity requirements,” the statement read. 

Accordingly, ManageEngine plans to achieve 30% YOY growth in SEA over the next five years by investing in the region and building on its existing customer base of over 5,000 organizations. It also plans to increase its hiring efforts in the top five markets in the SEA—Malaysia, Indonesia, Singapore, Thailand, and the Philippines—to support its growth objectives. 

Global AI/ML Efforts

Recently, Aptos Labs and Microsoft collaborated to develop Aptos Assistant, an AI-powered chatbot aimed at addressing blockchain queries. This user-friendly and secure chatbot intends to introduce web3 concepts to both casual users and organizations. Additionally, the partnership plans to explore solutions promoting decentralized finance (DeFi) adoption in financial services, including asset tokenization, payments, and central bank digital currencies (CBDCs).

In addition, Runway, a startup specializing in generative AI tools for content creation, ‌ recently secured $191 million in Series C funding. Their focus is on developing AI systems that generate new content based on prompts, including text, images, videos, and audio. 

On the other hand, amid the rise of AI in the working environment, the Contact Center Association of the Philippines (CCAP) is confident that the information technology and business process outsourcing (ITPBO) sector will still be able to achieve its target headcount. In fact, last June, BPO giant Accenture announced it was investing $3 billion in AI over the next three years to help clients transform their businesses. The investment will fund research, technology, and AI centers worldwide.

However, Emad Mostaque, CEO of Stability AI, predicts the replacement of human programmers by AI tools within five years citing GitHub CEO Thomas Dohmke’s claim that Codex generated 40% of developers’ code.

This article is published on BitPinas: 95% of Business Decision-Makers in PH Show Interest in AI, Machine Learning — Survey

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.    

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• Source: https://bitpinas.com/ai/ai-ml-in-ph-businesses/