Data and information provider IHS Markit Philipines stressed the huge growth potential of the Philippine green metals production.
The global information expert said in the virtual forum Connect Session hosted by the Board of Investments that the Philippines is in a sweet spot when it comes to minerals production, especially on nickel and chromium amid the potential shortfall in other importing countries.
It said the Philippines is well-placed to be a major supplier and processor of chromium ore to the economic powerhouses if South Africa, the global leader in chromium ore production, applies taxes on chromium exports on high power costs.
“If there were to be disruptions to that supply, that would open up another big opportunity for the Philippines,” said IHS Markit associate director of pricing and purchasing Amanda Eglinton.
The Philippines may also take the lead in nickel ore production, as Indonesia banned the export of this mineral in 2020 to support its own processing industry, HIS Markit said. It said that in the absence of Indonesian nickel imports, China would increasingly depend on the Philippines to fill in the gap in its huge demand.