How is artificial intelligence (AI) expected to benefit the Philippine economy?

Technology has had a significant impact on our society, and many individuals have benefited in a variety of ways from the advancements that technology has made. For instance, thanks to the proliferation of cellphones, it is now much simpler to connect with other individuals. In addition to this, it is also able to swiftly transmit and receive documents through email or chat, as well as place orders for food delivery through a variety of different applications. In keeping with this notion, we are in a position to assert that the incorporation of technology into daily life has resulted in a degree of ease and convenience that we were previously unable to fathom.

The development of artificial intelligence has made it feasible for robots to acquire more knowledge through experience, adapt to new inputs, and carry out activities that are traditionally associated with humans. Because of this, the efficiency of strategic tasks has significantly increased. In addition, artificial intelligence has the ability to take over duties that are either risky or repetitive, which helps free up human labor.

In this manner, artificial intelligence is beneficial to the Philippine economy in that it assists in the achievement of maximum productivity while individuals go about their daily lives.

AI Impact on Philippine Economy

Although the application of artificial intelligence (AI) in the Philippines is still in its infancy at the moment, a wide variety of sectors have already started to reap the potential benefits of AI research. One sector that has begun to implement AI technologies in order to enhance patient care and clinical outcomes is the healthcare business. In the banking and finance industries, AI is also being used to improve the overall experience of customers and expedite business operations.

The government of the Philippines has acknowledged the significant advantages that artificial intelligence could bring to the country, and as a result, they have begun to take steps to advance the field within the country’s economy. The Department of Information and Communications Technology (DICT) is the agency that is responsible for the creation of the Philippine Artificial Intelligence (PHAI) Roadmap. The purpose of this document is to encourage the development and deployment of AI technologies in the Philippines.

4 Common Myths about Artificial Intelligence

Myth 1: Data scientists, machine learning specialists, and a substantial budget are required to use AI for commercial purposes.

In point of fact, there are a great deal of AI-based solutions available for usage by firms that do not necessitate big monetary investments on their part. Applications of artificial intelligence call for extensive knowledge and the hard work of Ph.D.s and computational linguists; yet, certain software tools and programs that contain AI are more easily accessible on the market.

Myth 2: AI requires a build-it-yourself approach

The majority of businesses make advantage of artificial intelligence by mixing in-house and outside-the-box approaches to problem solving. Developing AI in-house gives the company the ability to tailor the solution to meet the specific requirements of their business. On the other hand, prebuilt AI solutions will provide a solution that is ready to go for the more typical types of business issues.

This also indicates that the economic value of an AI product or system rests in the utilization of pre-existing AI tools that address the application components and their configuration to the particular requirements of the business. This kind of approach calls for significantly less competence in data science and significantly more familiarity with the procedures and requirements of the organization.

Myth 3: The more data an AI collects, the better it becomes

Businesses that use artificial intelligence require data in order for their product or system to perform smart data. If you want to get the most out of AI, the data you collect must be of high quality, up to date, relevant, and enriched. But it is only the beginning.

AI is more than just data, algorithms, and models. Your AI system must be scalable so that it can adapt to changing business needs. Many people believe that AI algorithms operate on a “load and go” basis.

The problem with this technique is its wide knowledge landscape, and AI cannot make sense of data that is too broad or has not been digested sufficiently to make it consumable by the system. An AI system requires well vetted data. When the system employs “machine learning,” the computer will arrive at an answer via ongoing approximations and learn to alter how it interprets the input.

Myth 4: Artificial intelligence will eliminate the need for contact center workers.

This seems to be a common misunderstanding in relation to the idea of humanity being taken over by technology, as depicted in science fiction films. Robots and machines equipped with AI are only performing tasks that were previously done by members of society with the highest level of education and professional experience (for example, doctors, nurses, and lawyers). The usefulness of artificial intelligence is dependent on its ability to enhance human talents while simultaneously liberating workers to focus on more strategic responsibilities.

Aside from that, the likelihood of intelligent machines or systems in the future replacing human labor is low. There is still a significant requirement for human labor to operate AI robots and systems.

4 Potential Advantages of Utilizing Artificial Intelligence in the Philippine Economy

The landscape of industrial automation is undergoing rapid transformation as a direct result of the rise of artificial intelligence. Any company or organization that uses it will see an increase in productivity and profits, as well as an improvement in the quality of their production and fewer errors. The following are some of the benefits that artificial intelligence can provide:

1. Human Error Reduction

It should come as no surprise that human beings are capable of making mistakes on occasion. On the other hand, computers never do things wrong, especially when they are properly programmed. When using artificial intelligence, the decisions that are made by the system are based on the information that was gathered, and then a certain set of algorithms is applied to that information. Because of this, errors are reduced, and there is a greater possibility of reaching accuracy and precision.

2. Availability 24/7

This aspect constitutes one of the most important benefits that artificial intelligence has to offer. Because humans need time away from their jobs to relax and prepare for the next day of work, the typical workday for a human lasts between four and six hours (excluding break time). In order to maintain a healthy equilibrium between their personal and professional lives, humans even take a day off every week.

3. Helps with repetitive tasks

If you use artificial intelligence in your day-to-day work, you may effectively automate repetitive tasks like checking papers for any problems or sending emails. Because of this, it is also an incredible benefit because “boring” chores are reduced, freeing up more time for humans to devote to activities that require creativity.

4. Virtual Assistants

The assertion that the assistance of technology can now provide responses to a large number of inquiries is one that bears some truth. Digital assistants are one example of this type of artificial intelligence. In the past, in order to find an answer, it was necessary to search through a large number of websites. On the other hand, the introduction of digital assistants has made it possible for commercial organizations to now connect with their customers regarding product inquiries in an easy and convenient manner.

There is still a requirement for a customer support crew in order to clarify the demands and questions of customers; nevertheless, the utilization of an AI such as a voice bot or chatbot aids in filtering out the inquiries of clients. There are already a great number of Facebook pages that make use of this feature, and on each of those sites, there is already a collection of questions that may be a query from a consumer.

4 Impact Of AI On Other Significant Industries In The Philippines

1. Healthcare Industry

To further improve the quality of treatment provided to patients, the healthcare industry in the Philippines is also beginning to integrate AI technologies. Patients are receiving basic medical advice through AI-powered chatbots, and machine learning algorithms are being used to analyze patient data in order to identify potential health hazards and deliver individualized treatment recommendations.

2. Agriculture Industry

Prebuilt AI solutions for agricultural yields increase operational efficiency in the agriculture sector, which is a significant contribution to the Philippine economy. While machine learning algorithms are being used to anticipate agricultural yields and optimize irrigation and fertilization, AI-powered drones are being used to monitor crop health and indicate regions where processes require care. In addition, drones are being utilized to monitor crop yields.

3. Real Estate Industry

The field of real estate has been one of the most rapid to embrace artificial intelligence. AI technologies are utilized throughout the many stages of the real estate transaction process. This includes search engine optimization (SEO) and website optimization, which assist buyers in discovering properties, as well as predictive analytics and automated pricing models, which guarantee that sellers are paid the highest possible price. It is also possible to utilize AI technologies to manage rental agreements and tenant inquiries, as well as carry out building maintenance duties such as AI security barrier systems and energy optimization.

AI technologies have led to more efficient procedures, higher accuracy in pricing models, a better customer experience, and shorter transaction turnaround times. All of these potential benefits have been brought about as a direct result of AI functions. This translates to the fact that prospective buyers have access to a wider choice of properties and can see several listings in a manner that is both rapid and accurate. On the other side, sellers may rest assured that they are obtaining fair prices for their properties and have access to more accurate information regarding potential buyers.

4. Transportation Industry

Additionally, the Philippines’ transportation sector is embracing AI technology in an effort to boost productivity and cut down on traffic congestion. While machine learning algorithms are being used to forecast traffic patterns and optimize routing for public transit, AI-powered traffic management systems are being utilized to monitor the flow of traffic and provide drivers with real-time traffic information.

It can be said that AI is already having a considerable impact on various industries in the Philippines, and its significance is anticipated to continue to increase over the course of the next few years. To make the most of these prospects, it is critical for companies and their employees to maintain current knowledge of the most recent developments in AI technology and trends.

5 Applications of Artificial Intelligence in the Philippines

You might not be aware of it, but artificial intelligence is pervasive in our world today and plays an important part in the activities of our everyday lives. Artificial intelligence is always there in the background, whether we are sending an email, chatting with friends and family on Facebook or Google Meet, conducting a Google search on one of our favorite topics, or shopping online.

Investigate in greater detail the ways in which artificial intelligence is being put to use in many industries or even local industries in the Philippines.

1. AI in Face Recognition

It is known as a process that uses an individual’s face to identify or verify their identity, and this method is known as facial recognition. This may also be done under the authority of law enforcement in the event that probable violations are discovered during police stops.

Face recognition procedures have been incorporating AI for some time now, most notably during the opening of new bank accounts and the identity verification process for official papers. On the lighter side, it is utilized in programs for taking selfies, in which users’ faces can be compared to those of famous actors or musicians who look similar to them.

2. AI in Access Control

In addition to making our lives better, it has been demonstrated that artificial intelligence can help reduce the likelihood of negative outcomes by taking a more preventative stance. It is now feasible, thanks to the implementation of AI in security barrier systems, to constantly see and hear everything from everywhere. This system then moves on to the next step, which involves data analysis in order to identify any individuals who may pose a threat due to their potentially malicious intentions. Because of this, there are no voids or chances that go unexplored.

Take, for example, the mix of security personnel with automated, intelligent barrier systems that are installed in shopping malls. In the beginning, the security officers will manually scan and inspect the bags of consumers and will also perform a pat-down on the customer in case they have illegal firearms. After completing their transaction, the customer walks through the AI security barrier system. The artificial intelligence system will now do a secondary check to determine whether or not the shopper is in possession of any item that is restricted from being brought into the shopping center, such as weapons or sharp objects, such as a knife.

Also Read: Security features you can add to your home

3. AI in Smart City

Cities are gradually transforming into smart ecosystems that make use of machine learning and neural network capabilities, thanks to technological advancements in artificial intelligence. Smart cities ensure to collect data by utilizing Intelligent machines such as connected sensors, lights, and meters. These developments in artificial intelligence bring these cities one step closer to becoming urban operating systems that simulate human, machine, and environmental patterns across a wide range of sectors, from transportation infrastructure to better communication networks.

4. AI in People Tracking

Real-time tracking of people has emerged as one of artificial intelligence’s most promising applications. This is due to the crucial role that AI plays in improving the safety and management of urban areas and other types of facilities. It is important to keep in mind that tracking people can serve a variety of functions, which is why it is considered absolutely necessary to input this information into your AI when you are developing your system.

However, the most significant obstacle that must be overcome for AI systems to successfully monitor people is the wide variety of appearances, lighting conditions, shifting crowd densities, and distributions.

5. AI in Identity Authentication for Government and Banking Transactions

Have you ever used the internet to submit an application for a bank account? What about your NBI clearance or passport, for that matter? When applying for official IDs or opening personal online bank account, applicants are now required to go through identity authentication processes using artificial intelligence. In addition, this serves as a security step to establish who the actual user of the accounts in question is.

When passengers check in at an airport and get on their aircraft, they experience the exact same situation. With the help of cameras, the artificial intelligence security system in the airport is able to conduct a full identity check on a passenger and thoroughly investigate them for any indications of potential danger. Deep learning gives this kind of technology the ability to determine whether or not there is any activity that could be considered suspicious.

AI in Real Estate Market

The applications of artificial intelligence (AI) are expected to continue expanding in tandem with the technology’s progress in this area. Due to the fact that AI is able to recognize trends in customer preferences and adapt products and services accordingly, the process of buying and selling is likely to become more individualized. The use of AI to conduct virtual sessions that provide more thorough information than traditional viewings may also lead to an increase in the degree to which activities, such as the process of purchasing a home and the process of inspecting properties, are automated.

Artificial intelligence (AI) will play an ever more significant role in the real estate market in the future, making it simpler and more time-effective for buyers and sellers to interact with one another and complete transactions. All parties involved in a real estate transaction, including buyers, sellers, and real estate companies, can have confidence that their dealings are being handled honestly and effectively thanks to the assistance of AI.

Affordable House and Lot

Meanwhile, if you looking for an affordable & lot and lot for you and your growing family, kindly check out our Bria Thalia, Bettina, Elena, and Alecza House Model as your home of choice.

BRIA Homes is a subsidiary of GOLDEN MV Holdings, Inc., one of the largest real estate companies in the country. BRIA Homes are primed to bring quality and affordable house and lot packages closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into BRIA’s homes.

Written by Alfred Alaba