Critical minerals deal benefit goes beyond mining

The Philippines’ newly signed critical minerals agreement with the United States is expected to generate benefits beyond mining. Prospective investments are seen extending to power generation, logistics and chemical handling.

In a statement on Tuesday, the Department of Trade and Industry (DTI) said the accord adopts a “whole-of-government” approach aimed at strengthening the country’s position as a hub for high-value mineral processing.

“We are aiming at more than just being a supplier; we are positioning ourselves as a vital link in the global supply chains for semiconductors, defense and clean energy,” Trade Secretary Cristina Roque said.

“Through this agreement, we expect to attract substantial and diverse investments that will develop the local workforce and strengthen our standing in the industries of the future,” Roque added.

The DTI said its investment promotion arm, the Board of Investments (BOI), will help implement the agreement by providing a framework for investments in mineral processing, refining and downstream manufacturing.

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Last year, the BOI initiated a push to refocus the country’s investment mix toward mining, data centers and semiconductors over the next three years. This was part of efforts to position the Philippines as a manufacturing and services hub.

The Philippines, through Environment Secretary Raphael Lotilla, signed the deal on Feb. 4 with Jacob Helberg, US undersecretary of state for economic affairs.