The Philippines has secured approximately P124 billion in investment pledges from seven Canadian companies in the energy and critical-mineral sectors, the Department of Trade and Industry (DTI) announced. The pledges were made during a recent investment mission, as reported by BusinessWorld. Trade Secretary Maria Cristina A. Roque said the Philippines is ready to partner with Canadian firms to strengthen energy security and develop the country’s critical-mineral supply chain.
The investments cover a range of projects, including renewable energy development, battery storage, and processing of critical minerals such as nickel and cobalt. These minerals are essential for electric vehicles and clean-energy technologies. The DTI expects the pledges to create thousands of jobs and boost the country’s position in the global supply chain for energy transition materials.
The Philippines has been actively seeking foreign investment to exploit its rich mineral reserves and transition to cleaner energy. The pledges come amid growing global demand for critical minerals and heightened competition among nations. Roque emphasized that the government will provide support to ensure the timely implementation of the projects, which are seen as a boost to the country’s economic recovery and long-term industrial development.