Investment promotion focus shifts to mining, data centers

MANILA, Philippines — The government is focusing on developing and attracting investments in priority sectors such as mining, data centers and semiconductors over the next three years as it aims to position the country as a regional manufacturing and services hub, according to the Board of Investments (BOI).

Speaking at a World Bank forum, Trade Undersecretary and BOI managing head Ceferino Rodolfo said the government’s goal is to transform the Philippine economy so it could enter a virtuous cycle of sustained and inclusive economic growth.

“We aim to become Southeast Asia’s hub for smart and sustainable manufacturing and services,” Rodolfo said.

In line with these aspirations, he said the government would be focusing on supporting the development and promoting investments in mining; artificial intelligence (AI) – ready data centers as well as semiconductors and electronics over the next three years.

He told reporters that mining and mineral processing is among the priority sectors due to the mining fiscal regime and the critical mineral strategy framework being drafted by the Department of Environment and Natural Resources.

Despite the country being rich in mineral resources, he said the sector only accounts for less than one percent of the gross domestic product.

The sector is seen to have potential to increase its contribution to the economy.

Rodolfo said AI-ready data centers are also being promoted in line with the push for renewable energy.

As for the push for semiconductors and electronics, he said this has been triggered by geopolitical developments.

To promote the development of these sectors, he said the government would be putting in place policies and programs to improve the ease of doing business.

“This means giving companies the enabling environment, tools and platforms they need to succeed and we need initiatives that connect global opportunities to national strategies and local capabilities,” he said.

“It’s about building ecosystems and strengthening our industrial backbone,” Rodolfo said.