THE Board of Investments (BOI) has pitched the Philippines’s “strategic positioning” as a regional hub for innovation- and sustainability-driven industries, particularly in the green metals and mineral processing sector at a mining convention in Toronto, Canada.
“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,” the BOI said in a statement on Monday.
During a roundtable discussion on the sidelines of the Prospectors & Developers Association of Canada (PDAC) 2024 conference, the world’s “premier” mineral exploration and mining convention, the Philippine business delegation presented to 10 companies and highlighted the “critical role” of minerals in the global energy transition, underscoring the country’s “rich endowment of mineral resources.”
The BOI said the 10 firms to which the Philippine business delegation presented are a mix of Canadian, American and Australian from mining, mineral processing, battery materials, consultancy and academe sectors.
With approximately 9 million hectares of mineral potential, BOI told the firms, “The country boasts large deposits of copper, nickel, iron, chromite, cobalt, gold, and rare earth elements.”
For her part, BOI Executive Director for Industry Development Services (IDS) Ma. Corazon Halili-Dichosa said the country’s intention right now is to have its minerals processed locally to supply local industry needs or export higher-value materials.
“Let me stress that we remain committed to supporting 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,” Halili-Dichosa said.
Meanwhile, to augment its 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 – this, in order to enhance the country’s role in the global supply chain for critical minerals, the BOI said.
“Policy developments include the 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,” BOI also noted.
Meanwhile, the attached agency of DTI said presentations from 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: King-king, Tampakan and Silangan.
However, the investment promotion agency told reporters in a Viber message that “Given the global nature of PDAC, no commitments have been received during the event.”
Still, BOI said several follow-through meetings are being arranged for companies seeking partnerships in mineral processing while one company expressed interest in visiting the Philippines in the third quarter of this year.