Philippines eyes ADB financing for critical minerals development

MANILA, Philippines — The Philippines is interested in tapping a new Asian Development Bank (ADB) financing facility aimed at supporting the development of critical minerals supply chains in Asia-Pacific, according to the Department of Trade and Industry.

Trade Secretary Cristina Roque told The STAR that the government is interested in tapping the facility to support projects that comply with global environmental, social and governance (ESG) standards.

“There are typically higher costs associated with higher standards and we hope that ADB will focus supporting these. ADB as an institution has been a staunch promoter of ESG, so there clearly is alignment with our interests,” she said.

She said the government is also interested in the facility to develop projects involving the processing of minerals within the country.

“With enough feedstock, this can increase the viability of mineral processing projects,” she said.

Earlier this month, the ADB launched the Critical Minerals-to-Manufacturing Financing Partnership Facility during its 59th Annual Meeting in Samarkand, Uzbekistan.

The financing facility is intended to help Asia-Pacific countries develop critical minerals supply chains to support clean energy, batteries, electric vehicles and digital technology needs.

In particular, it will help countries prepare projects, reform policies and support both public and private financing in critical minerals value chains.

Through the facility, the ADB wants to help the region go beyond mining by engaging in higher-value industries such as processing, manufacturing and recycling.

“Asia and the Pacific should be more than a source of raw materials. The region should also capture the jobs, technology and value these minerals provide,” ADB president Masato Kanda said.

At present, ADB is supporting the Philippines in its critical minerals roadmap and regulatory reforms.

Earlier, Roque said the Philippines aims to play a bigger role in the global critical minerals supply chain by going beyond exporting raw ores and engaging in high-value processing.

Recently, the Philippines joined the United States-led Pax Silica initiative, which seeks to build a secure and innovation-driven silicon supply chain covering critical minerals, energy inputs, advanced manufacturing, semiconductors, artificial intelligence infrastructure and logistics.