The Department of Trade and Industry (DTI) says the Philippines is open and prepared for increased Korean investments in sustainable industries, especially in clean energy and advanced technology sectors.
This statement came after the state visit of South Korean President Yoon Suk Yeol, with the key highlight of the event being the signing of a Memorandum of Understanding (MOU) for Strategic Cooperation on Critical Raw Materials Supply Chains between the DTI-Board of Investments, the Department of Environment and Natural Resources (DENR), and the Ministry of Trade, Industry, and Energy of South Korea.
“This MOU will not only ensure a stable supply of critical raw materials but also facilitate the transfer of technology and expertise, contributing to the Philippines’ journey towards economic complexity,” said Secretary Roque.
The partnership is aimed at creating stable supply chains for critical raw materials essential for electric vehicles (EVs), semiconductors, and renewable energy technologies. This collaboration taps into the Philippines’ wealth of mineral resources and South Korea’s expertise in processing, manufacturing, and recycling.
This is the first MOU of its type, signifying a collaborative effort between the DTI and DENR to develop the vital minerals sector ethically and environmentally.
Secretary Roque said that the MOU would not only secure the supply of critical materials but also facilitate technology transfer and expertise sharing, advancing the Philippines’ economic development.
The scope of the partnership extends across the entire critical minerals value chain—from mining and processing to manufacturing and recycling. It is expected to boost investment and collaboration in research and development, innovation, and workforce development.
The agreement will also promote information exchange and technology modernization, with a focus on green and eco-friendly technologies.
This initiative builds on the recently ratified Philippines-Korea Free Trade Agreement (FTA), which prioritizes critical minerals processing and electric vehicles as key areas for collaboration.
The strategic partnership, outlined in a joint declaration issued on October 7, 2024, elevates the bilateral relationship between the Philippines and South Korea, which has been built on cooperation since 1949.
