Philippines, US to boost minerals, renewable energy sectors

MANILA, Philippines — The Philippines and the US are looking at establishing a closer relationship via a mineral security partnership to allow potential projects in the country, an official of the US Department of State said.

In a press briefing, US Undersecretary of State for economic growth, energy, and the environment Jose Fernandez said the Philippines could attract more investments and financing as it has the largest reserves of nickel, as well as cobalt and copper.

“The Philippines can take a vulnerability that we all have to supply chains and, to our desire, to have diversification in the critical mineral supply chain,” Fernandez said.

“They can take that and use that to their advantage by working to attract the kinds of investments that will give jobs to the Philippines,” he added.

The US is supporting the Philippines in the mineral processing and renewable energy (RE) sectors.

According to Fernandez, the US could help the Philippines engage with the 13 countries under the Mineral Security Partnership (MSP) to receive investments.

However, Fernandez said the revival of the Bataan Nuclear Power Plant could entail high costs.

“The government of the Philippines is obviously very well aware that this is a constraint to investment,” he said.

High power cost is one of the major concerns of energy intensive industries such as mineral and mining companies, as well as semiconductor manufacturers in investing in the Philippines.