PH-US pact boosts mining investments

The Philippines is positioned to encourage more investment in the mining industry after signing an agreement to bolster cooperation with the United States (US) on critical minerals, according to the Chamber of Mines of the Philippines (COMP).

- By DEXTER BARRO II

In a statement sent to Manila Bulletin on Thursday, Feb. 5, COMP chairman Michael Toledo said the group welcomed the signing of the memorandum of understanding (MOU) between the Philippines and the US on mineral development.

"This partnership represents a positive step toward strengthening responsible mining, advancing sustainable resource development, and enhancing the country’s role in securing critical minerals essential for the global energy transition," Toledo said.

The US Department of State (DOS) announced on Feb. 5 that the Philippines and the US signed the MOU during the US-led Critical Minerals Ministerial.

According to the DOS, the framework covers cooperation between the two countries to “collaborate on pricing challenges, spur development, create fair markets, close gaps in priority supply chains, and expand access to financing.”