Philippines seeks investments from 10 mining firms

The Philippines made a strong pitch to ten global players in the mining and electric vehicle (EV) sectors, emphasizing the country’s objective to become a preferred destination for EV production and green metals manufacturing to be able to participate in the global supply chain given its abundant supply of green metals.

The presentation to ten Canadian firms was undertaken by the Board of Investments (BOI), the government’s premier investment promotion agency, during a roundtable discussion at the sidelines of the Prospectors & Developers Association of Canada (PDAC) 2024 conference in Toronto, Canada on March 5.

A mix of Canadian, US, Australian firms from mining, mineral processing, battery materials, consultancy and academe sectors attended the meeting, according to the BOI.  Majority of the participants are global players. Given the global nature of PDAC, no commitments have been received by BOI during the event.

However, BOI said that several follow-through meetings are being arranged for companies seeking partnerships in mineral processing. One company expressed interest in visiting the Philippines in the third quarter this year.

During the meeting, BOI Executive Director for Industry Development Services (IDS) Ma. Corazon Halili-Dichosa emphasized the Philippine government’s objective.

“Our intention right now is to have our minerals processed locally to supply local industry needs or export higher value materials. Let me stress that we remain committed to support the global energy transition but with the clearer goal of getting more economic value from our minerals. Please join us and together, let’s make it happen in the Philippines,” she said.

The Philippine business delegation highlighted the critical role of minerals in the global energy transition, emphasizing the country’s rich endowment of mineral resources. With approximately nine million hectares of mineral potential, the country boasts large deposits of copper, nickel, iron, chromite, cobalt, gold, and rare earth elements.
In support of investments and business growth, the government has implemented measures to create a conducive environment for industry players and emphasized its commitment to market-based promotion strategies and partnerships with international stakeholders to enhance the country’s role in the global supply chain for critical minerals.

Policy developments include lifting of the ban on new mineral agreements and on open pit mining, provision of fiscal incentives, and streamlined processes for ease of doing business, among others. The BOI also underscored the Philippines’ role as a reliable global supplier of metals and mineral products.

Local mining groups also made their own presentations. The Chamber of Mines of the Philippines (CoMP) and the Philippine Nickel Industry Association (PNIA) highlighted investment opportunities in three major copper-gold projects in the country, namely King-king, Tampakan, and Silangan. Moreover, the significance of Philippine nickel in the global supply chains for clean energy technologies was  emphasized.

Consul General Angelica Escalona expressed optimism on the opportunity to strengthen economic cooperation between the Philippines and Canada, stating, “it is an opportune time to see how we can further strengthen our partnership. Canada’s Indo-Pacific Strategy is a promising platform to deepen economic cooperation between the Philippines and Canada.”

At the meeting, BOI and the Department of Trade and Industry (DTI) Export Marketing Bureau (EMB) and Foreign Trade Service Corps (FTSC), together with representatives from the Philippine Consulate General in Toronto, National Commission on Indigenous Peoples (NCIP), COMP, and PNIA reiterated the country’s commitment to supporting the global energy transition while maximizing economic value from the Philippines’ abundant mineral resources.

PDAC 2024, the world’s premier mineral exploration and mining convention, provided an ideal platform for the government to highlight its commitment to aligning with the global transition to clean energy technologies. With its strategic location and abundant human and natural resources, the country aims to emerge as the preferred destination for priority sectors such as electric vehicles (EVs), smart manufacturing, semiconductors and electronics, green metals, high-tech agriculture, renewable energy (RE), and data centers/telecoms. — Bernie Cahiles-Magkilat