THE Philippines’ critical mineral resources leave it well-placed to benefit from the inevitable transition to electric vehicles (EVs), S&P Global said.
S&P Global’s Mary Nyah Alcantara, a metallurgical engineer, said during the Mining Philippines 2025 Conference, noted the value of Philippine critical minerals like nickel, copper, cobalt, and gold, which are rising in price and demand.
Demand for nickel, copper, and cobalt is driven by the “unstoppable” transition to renewable energy, particularly in EVs in China, the top importer of Philippine ores.
Nickel, copper, and cobalt are some of the raw materials for EV batteries. The Philippines had the third-largest nickel reserves as of 2024.
While oversupply will cause nickel to bottom out by 2031, Ms. Alcantara said she expects the commodity to start rising afterwards.
Gold October prices hit a record $4,040 per ounce. They are projected to peak in 2026 before stabilizing at around $4,100 in 2035, she said.
Ms. Alcantara said miners and processors must increase production because of the strong demand.
The Philippines currently lacks refining capabilities and needs to export raw ore to refiners outside the country. — Andre Christopher H. Alampay
