Senate President Francis “Chiz” G. Escudero sees the Philippines entering into a joint venture on a nickel processing plant as a step toward helping the country become a global player in the industry.

On Thursday, Escudero expressed support for the announcement of a joint venture between Nickel Asia Corporation and DMCI Mining Corporation to build a nickel processing plant in the country, describing the partnership as a “monumental stride” in increasing the value of mineral resources sourced from the Philippines.

Escudero, who is a staunch advocate of sustainable mining, said the collaboration would be a significant step toward advancing the country’s mineral processing industry.

He added that it would fuel the growth of the nickel processing sector in the country, as it strengthens efforts to position the Philippines as a key global player.

“This partnership is a monumental stride in our journey to add greater value to our mineral resources,” he said.

He added, “not only does this align perfectly with our vision of reducing raw mineral exports, but it also paves the way for economic growth and job generation for our people.”

Escudero made the remarks following the recent approval of Senate Bill 2826, or the Enhanced Fiscal Regime for Large-Scale Metallic Mining bill, on third and final reading.

The Senate President introduced amendments to the measure, emphasizing its “importance in reshaping the regulatory landscape of the mining industry.”

SB 2826 amends the National Internal Revenue Code of 1997 and prohibits the export of locally extracted raw minerals.

Under the proposed legislation, this would take effect five years after it is signed into law.

Escudero expressed optimism that the joint venture between Nickel Asia and DMCI Mining “would complement the objectives of SB 2826.”

He likewise noted that the partnership demonstrates the industry’s willingness to invest in local mineral processing to strengthen the country’s position as a key player in the global mining sector.

“Initiatives like this will empower us to harness our natural resources responsibly and sustainably while unlocking immense potential for the Filipino people and the local economy,” he said.