The Philippines targets South Korea for investments in nickel processing as that country begins to diversify sourcing out of China.
Ceferino Rodolfo, undersecretary of the Department of Trade and Industry, said the Philippines and South Korea are focused on three areas of cooperation parallel to a free trade agreement (FTA) yet to be signed.
Rodolfo told reporters these are on green metals processing, new generation industries like electric vehicles and energy, including renewable energy (RE).
Also included are life sciences-based industries like pharmaceuticals, vaccines, testing, diagnostics among others.
“These are all included in the economic cooperation,” Rodolfo said.
He said South Korea is the second biggest player in battery storage systems where the Philippines can become a part of.
“As we transition into a greener and more sustainable future, the importance and prominence of green metals that are needed to empower RE. For example battery energy storage systems, EV… greens metals have become more important in particular nickel, cobalt and copper.
These are minerals that we have and Korea does not have,” Rodolfo said.
South Korea currently sources its metals from China for battery manufacturing.
With the US veering away sourcing anything made in or from China, South Korea is looking to secure its supply chain.
The Philippines is the number one exporter of nickel ore of which 90 percent goes to China. In turn, China imports 60 to 70 percent of its nickel ore from the Philippines.
Rodolfo said just last November, South Korea hosted a Joint Economic Cooperation meeting with the Philippines.
Trade officials are waiting for an opportunity to finally sign the Philippines-Korea FTA, the negotiations of which were wrapped up last year.
