The Philippines currently operates two nickel processing plants, both partially owned by Nickel Asia Corp., the largest ore producer in the country. Last week, the Philippines announced plans to establish three additional processing plants as part of its strategy to develop a downstream industry for its abundant nickel resources.

Environment Minister Maria Antonia Yulo-Loyzaga emphasized the need for the Philippines to enhance its nickel processing capacity, given its importance in the production of electric vehicle batteries. Economic Planning Secretary Arsenio Balisacan stated that the Philippines, with its substantial untapped mineral deposits, is exploring potential incentives for mining companies.

Government data indicates that the Philippines, a major supplier of nickel ore to China, produced 35.14 million dry metric tons last year, marking a 19% increase from the previous year.