Exporters back PH-US critical minerals accord
The Philippines’ largest group of exporters has welcomed the signing of a new memorandum of understanding (MOU) between Manila and Washington on critical minerals.
This is an agreement that the umbrella group said could provide a “major boost” to domestic industrial development.
In a statement on Monday, the Philippine Exporters Confederation Inc. (Philexport) said the agreement would help position the Philippines to pivot from a raw-ore exporter to a supplier of high-value products.
This, the group added, can be achieved by promoting local processing of nickel, cobalt and graphite. These are materials that are widely used in the production of batteries, electronics and even nuclear power components.
“This partnership is anticipated to attract investment, create jobs and bolster the country’s role in the global high-tech supply chain,” Philexport said.
Philippine Environment Secretary Raphael Lotilla and US Undersecretary for Economic Affairs Jacob Helberg signed the MOU last Feb. 4. It seeks to strengthen cooperation on critical minerals and encourage domestic production and processing.
The agreement was finalized on the sidelines of the Critical Minerals Ministerial meeting in Washington DC. Officials from more than 50 countries convened to discuss supply chain resilience for materials vital to clean energy and technology.
Philexport said the deal could improve access to the US market for Filipino-led mining firms, secure the country’s role in a critical global supply chain and help it transition to more processed exports.
