By FIL C. SIONIL
At the moment, the global economy is navigating a distinct divergent path, split by the dual forces of geopolitical war shocks and an AI-driven technology boom.
Simply put: in transition.
As transition appears to be the current buzzword, this forever market watcher is in step with the vibe. I beg your indulgence and allow me to flex: I’ve evolved, transitioned from print/online to another media platform – television.
Certified market analyst Jonathan Ravelas, Margaux Salcedo and this chronicler now hosts a weekly public affairs and talk show broadcast, aptly entitled Bankero Unfiltered.
It’s a weekly public affairs and talk show broadcast on Bilyonaryo News Channel that discusses in-depth trending issues and unfiltered insights from top corporate leaders, industry players, economists and policy-makers.
The show likewise take a sneek peak on the personal side of the industry’s top executive – what fascinates them; their bucket list career and otherwise; and all things in between.
Now on the buzzword. Transition is all-encompassing. As the global tech landscape undergoes a massive shift, the country now stands at a historic crossroads with artificial intelligence and digitalization.
Both present immense opportunities to propel out local industries, particularly the creative sector. While AI adoption remains to be desired, we have successfully passed the infancy stage of digitalization.
That’s right, and am pretty sure everyone will agree with me that by force of circumstance, we positively navigated the initial digital phase. Covid lockdown was the trigger.
As Management Association of the Philippines President Donald Patrick Lim explained in the second episode of Bankero Unfiltered the country “is in a transition stage” in digital transformation.
In his view, “we’re in a stage of transition” and “it’s just a matter of time before we move toward pure digital currency.” His timeframe? Three year down the road.
“When it becomes a verb …’eh Gcash mo na’… it’s over,” he explained.
Just to clarify, this should not be taken as an endorsement from the president/chief operating officer of DITO CME and Chief Innovation Officer of Udenna Corp. for the two of the country’s e-mobile wallets – Maya and Gcash with its parent company Mynt, Inc. set for its initial public offering this October,
For now, the country’s digital future is a high-stakes balancing act of brilliant code, human duty, and political stability. And cashing in on this golden opportunity requires more than just adopting the latest software—it demands absolute human accountability and a predictable political climate.
Yes, while we are in transition with major industries still in the process of embracing AI, Mr. Donald is one with common view expressed by speakers during the recent World Knowledge Forum held in Seoul as well as Anthropic and OpenAI researchers that safeguards must be instituted as AI could pose “catastrophic and existential risks to humanity.”
Though, AI is an astonishing co-pilot that would drive and propel economic development with its capabilities stretching the boundaries of human imagination and enhancing creative capabilities, a clear boundary must enforced to separate machine capability from human duty.
The final execution and the ultimate choice must remain under human direction. In other words, decision-making or critical thinking still rests in human hands.
Incidentally, Mr. Donald and former Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo, Bankero Unfiltered’s guest for its maiden episode, have the same advice to parents and would-be parents: Go back to basics!
Veer away from the convenience of gadgets, which is an easy way out to stop a fretting child. Read them a story book for comprehension, and encourage them to take up music lessons and sports for competitiveness.
“The responsibility of raising a child rests on you.”
for comments and feedback, email me at sionil731@gmail.com
