According to a Trade official, the Marcos administration has been boosting the Philippines’ green manufacturing to encourage more foreign businessmen to invest in the country.

The International Investments Promotion Service of the Board of Investments (BOI) foreman, Lanie Dormiendo, projects like electric vehicle assembly, battery manufacturing and mineral processing are included in high-value manufacturing.

The decree of BOI is to advertise and grow the country as a prime investment destination, as well as, its strategic sectors through promotions.

Dormiendo said that one of the sectors in high-value manufacturing that they are actively promoting is the electric vehicles, as well as, upstream sectors like battery manufacturing and mineral processing which are key materials for the manufacture of batteries.

There are a variety of other materials that can be used to form part of the batteries, not only for electric vehicles but also for the battery energy storage system, Dormiendo added.

The administration wants to take advantage of local resources instead of exporting them to China and Japan as raw materials. Dormiendo noted.

The BOI official mentioned that they wanted to attract more foreign investors in order to have a higher value activity for mineral processing, draw in battery manufacturers and eventually EV assemblers and manufacturers.

The Marcos administration is advocating these types of activities, as well as renewable energy, Dormiendo added.

The Department of Energy (DOE) revised the implementation of rules and regulation (IRR) on Renewable Energy act in order to permit 100% foreign equity for renewable energy resources, late last year, according to Dormiendo.

Since now the government allows 100% foreign equity, investors venture in geothermal and biomass.

This year, more than ₱400 billion investments are registered and part of it are into renewable energy, Dormiendo said.

Meanwhile, President Ferdinand ‘Bongbong’ Marcos Jr. directed the Department of Trade and Industry-Foreign Trade Service Corps Officer-in-charge (OIC), Vichael Angelo Roaring to address all investor’s complaints in an all-of-government approach.

The aim is to make the country a more attractive destination for investments and trading partners in the region, Roaring said.