THE Philippines and South Korea on Monday entered into a memorandum of understanding (MoU) to partner in a comprehensive supply chain in mining.
Officials led by Acting Trade Secretary Cristina Roque and Environment Secretary Maria Antonia Yulo-Loyzaga signed the agreement with South Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn at the Philippines-Korea Business Forum.
“The MoU encompasses everything from mining to mineral processing all the way to recycling. It’s really a seamless approach to mineral development,” Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo told reporters.
Under the agreement, Rodolfo said, South Korea will supply the Philippines with essential minerals for various purposes such as battery production.
Both countries will also collaborate in the exploration and processing of minerals — with emphasis on capacity building to adapt to new technologies, including sustainable mining and rehabilitation processes.
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
South Korean President and President Ferdinand Romualdez Marcos Jr. witness exchange of agreements and deliver their joint press statements at the President’s Hall of Malacañang Palace on Monday October 07, 2024. PHOTOS BY YUMMIE DINGDING / PPA POOL
Details regarding the participation of Korean investors in the agreement are still being discussed, Rodrigo said, adding there is strong interest from Korean companies in battery processing technologies.
The MoU, Rodrigo pointed out, aligns with existing frameworks, including the Philippines-Korea Free Trade Agreement signed in 2023, which includes provisions for technical cooperation on mineral processing and electric vehicles (EVs).
Electric Vehicle Association of the Philippines chairman emeritus Ferdi Racquelsantos said the MoU will help the local EV industry. However, he noted the immediate plan of the government is to concentrate on manufacturing and processing minerals.
“Since we have mineral resources, [we] reprocess it until it becomes [a] battery. That’s the time we export,” Racquelsantos explained. “So, I think, as far as mineral resources [are concerned], we should first focus on using and processing in the country, rather than just exporting and letting Korea process it, and then buying it from them.”
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