The Philippines is reaching out to nickel investors, encouraging them to diversify their supply chains. This initiative comes as part of a broader strategy to position the country as a reliable nickel supplier.
At the recent OECD Critical Minerals Forum, Trade Undersecretary Ceferino S. Rodolfo emphasized the importance of critical minerals for investment. The Board of Investments (BoI) highlighted that these minerals are a strategic priority, attracting faster regulatory approvals.
Rodolfo stated, "The country is expanding its production and refining capabilities to meet international standards, aiming for high-quality investments." As global demand for diversified supply chains grows, the Philippines offers significant opportunities for sustainable partnerships.
China remains the dominant buyer, sourcing over 80% of its nickel imports from the Philippines. Rodolfo noted that the country is leveraging its supplier status through improved policies and processing projects.
The passage of Republic Act No. 12253, also known as the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, has drastically reduced the permit approval timeline for mining projects from 11 years to just 11 months.
Additionally, a new 1,618-hectare AI-native industrial hub in New Clark City is set to bolster the global supply chain for critical minerals and advanced manufacturing.
The BoI acknowledged existing gaps in project identification and development within the mining sector. It welcomed the OECD’s and Asian Development Bank’s collaboration on exploring and preparing new mining projects.
In a significant move earlier this year, the Philippines signed a memorandum with the US to develop its critical minerals and rare earths sector.