MANILA, Philippines — The Government Service Insurance System (GSIS) bought a block of shares in mining firm Nickel Asia Corp., in a bid to support the nascent electric vehicle industry backed by the Marcos Jr. administration.
GSIS purchased 233.56 million shares from NAC for P1.46 billion, a disclosure sent to the Philippine Stock Exchange indicated.
The disclosure quoted GSIS president Wick Veloso noting that the investment was “strategic” since the state pension fund was positioning itself to support the electric vehicle industry and nation building.
The Marcos Jr. administration is supporting the sector’s ascent within the Philippine economy, due in part on efforts to spur economic growth. The new administration introduced a slew of tax breaks to encourage investment into the country.
“GSIS continues to look for ways to lengthen its fund life through viable investment opportunities such as the successful vertically integrated mining ore production and processing businesses of NAC,” Veloso said in the disclosure.
The local bourse approved the block sale on Wednesday.
Shares in Nickel Asia finished trading 4.62% up to P6.8 apiece on Thursday. — Ramon Royandoyan