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PHL sees investment opportunities as world turns greener - BusinessWorld Online

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The Philippines is counting on the world’s shift to green technology and the pandemic-induced demand for data centers to boost investments in its mining industry, a top official said. READ:

The end of a ban on new mining permits also positions the sector to attract funds for a shift toward processing instead of simply exporting ores, said Trade Undersecretary Perry Rodolfo, who also heads the Board of Investments . The BoI separately aims to win about P1 trillion in investment commitments from home and abroad this year, up by 50% from 2021.

The Southeast Asian nation is the world’s second-biggest producer of nickel. The aim is to locally process ore into “precursors” for a wide array of products, including batteries used to power data centers and electric vehicles.ts well with the government’s move to promote investments in hyperscaler data centers that use big batteries. Economic managers recently ordered that the 40% foreign equity restrictions on solar, wind and tidal renewable energy projects be removed.

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