Prospects for the Philippine nickel industry are seen to improve this year, providing a welcome relief after navigating a challenging period in 2024, which was marked mainly by fluctuating prices. Long-term demand for nickel, a key contributor to the economy, is projected to rise due to the growing electric vehicle (EV) market and clean energy technologies, with a potential nickel deficit anticipated by 2030.
Dante R. Bravo, President of Global Ferronickel Holdings, Inc. and a member of the Board of Trustee of the Chamber of Mines of the Philippines and President of the Philippine Nickel Industry Association, Inc. (PNIA) shared these insights in a mining event by the Philippine Mining Club.
“As the world transitions towards green technologies and digitalization, the demand for critical minerals like lithium, cobalt, and nickel, is increasing rapidly. These minerals are essential for the production of electric vehicles and renewable energy technologies,” Bravo said in a report by Philippine Resources.
Bravo noted a 28% drop in nickel prices from July 2023 to July 2024 but a rebound in production and prices is underway as production ramps up following weather-related disruptions.
Bravo added the industry is also poised for growth as the local mining industry continues to push for the adoption of Environmental, Social, and Governance (ESG) principles not only to minimize environmental impacts, enhance transparency, and foster long-term sustainability but also to attract foreign investments, particularly partnerships from countries like Canada, Australia, and USA.
Despite regulatory hurdles and challenges, the Philippine government is opening up the mining industry to foreign investments. Bravo sees this as a positive step toward expanding the country’s market for critical mineral exports, especially in light of the global push for net-zero goals.
As the country works to enhance its mining industry, Bravo called for sustained collaboration and political will to position the Philippines as a key player in the global nickel market.
In 2023, the mining industry contributed ₱249.05 billion to the economy, with gold and nickel leading in production value, indicating its significant role in the country’s financial landscape.
