The Philippines is keen on pursuing a deeper cooperation with the US on critical minerals processing.
“With the Philippines’ abundance of critical mineral reserves vis-à-vis the United States’ nickel demand for processing into batteries for electric vehicles, it is high time that we seize the opportunities for our countries to work together and address the respective gaps in our supply chains,” said Trade Secretary Alfredo Pascual in a meeting with US Trade Representative Katherine Tai on April 17, 2023.
Pascual said the DTI engaged the USTR to consider signing a similar agreement with the Philippines given the potential complementation between both countries.
The US and Japan earlier signed a Critical Minerals Agreement to strengthen and diversify critical minerals supply chains and promote the adoption of electric vehicle battery technologies.
Pascual said the Philippines was laying down the framework to build an ecosystem for EV manufacturing in the Philippines, including allied industries. Two foreign investors already committed to put-up nickel processing plants in the country with investments involving $10 billion for both facilities.
He said while the US continues to be firm on its policy to defer any talks on bilateral agreements with trade counterparts, the Philippines would continue to press for a bilateral FTA with the US.
Pascual said an FTA with the US would lead to enhanced access of Philippine products and services to the American market. It will also present increased opportunities for investments and business linkages and greater economic integration within the Indo-Pacific region.
“With an indication from us that we are willing to explore the possibility of an FTA, we will be able to send a strong signal of our ever-growing alliance to our trade and investment partners,” he said.
