THE PHILIPPINES will focus on attracting investment in priority sectors like mining, semiconductors, and artificial intelligence (AI)-enabled data centers.
“For the next three years, our focus will be mining and mineral processing… AI-ready data centers that powered by renewable energy, and semiconductors,” Trade Undersecretary Ceferino S. Rodolfo said in a speech at a World Bank event on Thursday.
Mining and mineral processing account for less than 1% of the Philippines’ gross domestic growth, he said.
Mr. Rodolfo, who also heads the Board of Investments (BoI), said he sees the potential for this share to rise to 10%.
He told reporters he expects mining and mineral processing investment to be attracted by the new mining fiscal regime and the critical mineral strategy framework being drafted by the Department of Environment and Natural Resources.
Last week, a bicameral conference committee reconciling the mining fiscal regime bills decided not to ban ore exports.
Mr. Rodolfo said the push for the semiconductors is driven by recent global developments.
“We aim to become Southeast Asia’s hub for smart and sustainable manufacturing and services,” he said.
He added that the Philippines is pausing its efforts to promote renewable energy investment.
“For the next three years, we will no longer be promoting renewable energy because we are up to our ears in investment registrations. Our focus now will be… implementing all of these renewable energy projects,” he said.
In the five months to May, the BoI approved four projects, which raised P61.52 billion from foreign investors and P268 billion from domestic investors.
The investment pledges approved during the period were 48.53% lower year on year. — Aubrey Rose A. Inosante
