Philippines opens doors to investors in EV technology

MANILA, Philippines — The Philippines is inviting investments in technologies related to electric vehicles (EVs) as it eyes to join the global value chain, according to the chief of the Department of Trade and Industry (DTI).

“To join the EV or electric vehicle global value chain, we invite investments in relevant technologies, such as producing and developing pollution reduction and green vehicles, IT in vehicles, and precision metal components of EVs,”Trade Secretary Alfredo Pascual said at the recent Norway-Philippines Energy Conference.

“Together with EV technologies, those related to renewable energy and battery form part of the DTI green metals initiative. This program is anchored on the need for an immediate global transition to clean-energy technologies,”he said.

Among the green metals used in cleaner-energy applications are copper, nickel, cobalt, lithium, and rare earth metals.

Citing the World Bank Group, Pascual said the production of these minerals is estimated to increase by nearly 500 percent by 2050 to meet the demands for clean-energy technologies.

In addition, over three billion tons of minerals and metals are estimated to be needed to deploy low-carbon technologies.

“Fortunately, the Philippines is rich in these green metals. We have estimated two billion metric tons of nickel reserves, 1.1 billion metric tons of copper and 260,000 metric tons of cobalt,”Pascual said.

He said  the Board of Investments is implementing the master development plan for a potential hub for mineral processing, particularly nickel ores.

“For example, the Leyte Ecological Industrial Zone (LEIZ). DTI has created a Working Group on Mineral Processing and Battery Manufacturing to address the sector’s concerns. This working group is also tasked to develop a strategy to attract mineral processors and battery manufacturers into the country,”Pascual said.

The trade secretary also highlighted that battery energy storage system (BESS) ensures consistency of power output by providing critical support to the intermittency of renewable energy generation plants with wind or solar.

He said  this contributes to the stable energy sector needed to build up industry value chains successfully.

“However, we still need to attract other suppliers and expand the cluster. We want to link with global value chains involving Norway energy companies, especially the renewable ones,”Pascual said.

“Let me take this opportunity, therefore, to invite you to partner with us to fill up value chain gaps and increase value-added activities in the Philippines,”he said.

Pascual stressed the importance of the energy sector as a primary driver of industrial development, as sufficient, stable, and secure energy is a significant pillar for establishing and sustaining  industry value chains.

He identified offshore wind (OSW), floating solar, marine energy /tidal stream energy, and liquefied natural gas as some of the areas that are open to investments and public-private partnerships.

“As the flow of electrons causes electric current, so does the flow of foreign direct investment to create value chains for industries in the Philippines. So, together, let us make clean energy happen in the Philippines,”Pascual said.