Indonesian firms check out Philippine minerals sector

Mining firms based in Indonesia are keen to look at possible opportunities in the Philippine minerals, particularly the nickel reserves, as the Department of Trade and Industry (DTI) made a pitch in Jakarta.

According to the DTI, its Philippine Trade and Investment Center (PTIC) in the Indonesian capital touched base with industry players at the Indonesia Nickel and Cobalt and Electric Vehicle Conference held June 11 to 13.

“PTIC-Jakarta commercial attaché and economic official Jeremiah C. Reyes met with industry representatives who have expressed interest in exploring mining and processing opportunities in the Philippines,” the DTI said in a statement.

“As part of the DTI’s strategic approach to positioning the country as a regional hub for sustainable and innovative manufacturing services, Reyes emphasized that the Philippines is leveraging its reserves of green metals to establish itself as a significant player in the transition towards a clean economy,” the agency said.

Citing data from the United States Geological Survey, the DTI said the Philippines is the second-largest producer of mined nickel in 2023, with an estimated production of 400,000 metric tons.

The DTI said further that the Philippines has 26 producing nickel mines, and that the country is currently one of the top exporters of nickel ore—most of which are shipped to China.

“The Philippine nickel industry remains a key player in the global market, supplying raw materials for the manufacturing of stainless steel, batteries, and other industrial applications,” the DTI said.

“Apart from nickel, the Philippines also has abundant sources of other critical minerals, such as cobalt, copper, chromite, gold, and iron among others,” it added.

The DTI is priming the Philippines as an ideal investment destination in the critical minerals sector, wanting to turn the country from an exporter to a processing country to take advantage of more high-value products.

Trade Secretary Alfredo Pascual earlier said this policy direction on handling the country’s resource deposits would also support the local electric vehicle industry.

Last February, the DTI’s Board of Investments said that Jose Fernandez—US Department of State Undersecretary for Economic Growth, Energy, and the Environment—had promised to help the Philippines on this matter.