Phl to benefit from world’s transition to clean energy

The Philippines is certain to benefit from efforts of countries wanting to transition into clean energy, given the country's vast resources of carbon and nickel ores, according to Trade and Industry Secretary Alfredo Pascual.

Participating in the session on Global Supply Chain and Sustainable Investment, organized by the United Nations Economic and Social Commission for Asia and the Pacific or UNESCAP in Jakarta, Indonesia on Saturday, Pascual cited the growing interest in critical minerals due to the global trend to transition to clean energy.

Great potential

He stressed that this trend offers great potential for the Philippines given the country's vast mineral resources such as copper and nickel ores.

Pascual also emphasized that the Philippines is now going in the direction of manufacturing electric vehicles from downstream processing of nickel ores to finished products.

This will also complement the country's comparative advantage in semiconductor and manpower skills, specifically the abundance of the young, dynamic, and tech-savvy Filipino workforce, he said.

Pascual and his fellow panelists also discussed the possible effects of "deglobalization" particularly with regards to its impact on trade and investments as well as the need to diversify production locations and finding alternative materials to ensure supply chain resilience.

Cooperation

Meanwhile, in his meeting with UNESCAP Executive Secretary Armida Salsiah Alisjahbana at the sidelines of the ASEAN Investment Forum, Pascual aired his gratitude for the assistance of the UN body in the areas of trade, trade facilitation, micro, small and medium enterprises, as well as in aligning the implementation of AmBisyon Natin 2040 with the country's achievement of Sustainable Development Goals.

The two leaders also indicated that they're looking forward to furthering cooperation through initiatives in the digital economy and digital infrastructure, including space technology and innovation.

The UNESCAP, which was established in 1947 with headquarters in Bangkok, Thailand, aims to promote regional cooperation and integration in the Asia-Pacific region to achieve inclusive and sustainable development.