EU- Philippines mineral agreement under study

MANILA, Philippines — A mineral agreement between the European Union (EU) and the Philippines is in the works as both countries explore potential areas of cooperation, according to EU Ambassador to the Philippines Massimo Santoro.

He said the 27-member bloc has an ongoing collaboration with the Department of Environment and Natural Resources to produce studies on critical raw materials to identify shared goals on mineral extractions.

He added that both sides plan to establish a common framework to establish joint mineral extraction activities.

“At this stage we are producing together studies on the critical raw materials so that we can better identify how the European Union assists and cooperates with the Philippines,” Santoro told reporters.

He added that the study considers the effects of expansive mining activities to indigenous peoples.

He said work on the study is “advancing” to ensure that both sides agree on the proposed mineral cooperation agreement.

“We do not have a specific deadline in mind. We wish to be sure that what we are studying together meets the same views of both sides,” he added.

Santoro said the EU also conducted its own study on the conditions and current markets of the Philippines’ critical mineral sector.

Last year, the Philippines and the EU said they are looking to enter into a mineral cooperation agreement as a means for European business to invest in the country.

The proposed agreement will also serve as a platform to exchange expertise on sustainable mining practices.

The Philippines has been stepping up efforts to attract greater investments in its mining sector, as it positions itself as a “key player” in the global critical mineral market.

In line with this push, the government recently entered into an agreement with the US’ Pax Silica initiative aiming to enter into a critical mineral supply chain.