Philippine sovereign wealth fund has no plans for AI direct investment: CEO

MANILA, Aug. 3 (Xinhua) -- The top manager of Maharlika Investment Corp. (MIC) said the company is not keen on directly investing in artificial intelligence (AI) companies, according to local media reports on Monday.

MIC is not planning to invest in AI ventures given the difficulty of determining what part of the rapidly developing AI ecosystem would deliver the best returns, Rafael Consing Jr., president and CEO of the company, was quoted by the Manila Times as saying.

MIC is the state-owned body responsible for managing the Philippines' sovereign wealth fund. ■