The leadership of the MVP Group of companies, led by PLDT Chairman Manuel V. Pangilinan, is bullish about artificial intelligence (AI) and its potential to influence future industries, especially in the area of customer experience. As stated at the most recent MVP-Groupwide Annual Corporate Governance Enhancement Session (ACGES), the group is still dedicated to implementing the regulations and mechanisms that will serve as safety nets and mitigate the dangers associated with artificial intelligence.
Directors and officers from some of the largest corporations in the Philippines, such as PLDT and its wireless division Smart, Metro Pacific, Meralco, Maynilad, Maya, Philex Mining, PXP Energy, the MVP Group Hospitals and Tollways, and First Pacific, based in Hong Kong, participated in the ACGES.
Given the risks and potential of AI, former PLDT and Smart President and CEO Alfredo S. Panlilio, who retired today, December 5, 2023, stressed that the key is to balance the benefits of new technology while upholding core company values. “It is not enough to merely adopt AI; we must do so with a deep sense of ethics and responsibility. We need to safeguard customer and employee rights, uphold privacy and security, and champion diversity and inclusivity. Corporate governance principles must be at the core of the adoption of every new technology.”
Highlighting the pivotal role that AI plays in shaping the future of industries and enhancing capabilities to better serve customers, Panlilio shares how “in an increasingly interconnected world, AI has the potential to revolutionize the way we operate, with opportunities to enhance efficiencies, improve customer experiences, ensure data accuracy, and rationalize costs.”
Adding context to the conversations, Atty. Partner Edsel F. Tupaz of Gorriceta Africa Cauton & Saavedra gave a survey on the evolution of AI standards and regulations globally.
Dr. Max Tegmark, a New York Times best-selling author and AI researcher, spoke at this year's ACGES, shedding light on the imperatives that leaders face in the age of AI. Tegmark recently returned from an influential attendance at the UK's AI Safety Summit, where leaders from around the world called for policies on AI across borders to prevent risks and global "catastrophic" harm.
Tegmark offered his thoughts on why laws and additional research into AI must first keep up with the rapid advancement of technology. “The big reason why people are nervous about artificial general intelligence is because we really don't have a good plan on how to make it safe or how to control it. But if we can understand these systems better, which I think we can, we will be able to do this,” he added.
Tegmark promotes global cooperation, which in turn pushes for the creation of international guidelines to direct the advancement of AI. Regulatory frameworks also support innovation by giving companies and researchers a clear path forward while striking a balance between the advancement of science and morality. Tegmark highlights the necessity of continuing education and cooperation between researchers, industry professionals, and legislators.
PLDT and Smart FVP and Head of Group Corporate Communications Cathy Yap-Yang moderated a panel discussion featuring Panlilio, First Pacific Executive Vice President and General Counsel Atty. Fiona W.M. Chiu, Maya and Makati Medical Center Independent Director Paco Sandejas, and Maynilad CIO Dr. Francisco Castillo. The purpose of the discussion was to ensure that ethical practices and governance are upheld at the onset of newer AI applications.
Retired Chief Justice Artemio V. Panganiban, an independent director, emphasized the significance of the ACGES discussion on AI since it forces everyone to consider, “What value will this technological evolution add to human interaction? What role will each of our companies and each one of us play in ensuring that AI technology keeps our customers’ data protected in the face of more varied data collection, that there is integrity and accountability in transactions, that interactions are cyber-secure, respectful of law and good customs, and that the spirit of competition will remain alive in all of us?"
For the past 17 years, the ACGES has served as a crucial training and educational event on best practices for corporate governance for the directors and officers of the PLDT and MVP Group Companies. Previous sessions, which have been well-attended, have addressed important and timely subjects like leadership, new technologies, cybersecurity and data protection, ESG, customer involvement, and ethics and compliance.
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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