A US State Department undersecretary said on Thursday that the Philippines has several business opportunities it could explore with regard to its high reserves in critical minerals.

In an online press briefing held on the same day, US State Undersecretary for Economic Growth, Energy and the Environment Jose Fernandez said that he has been in discussion with Philippine stakeholders on entering a possible "business relationship" with the "Minerals Security Partnership" Association in order to secure possible deals related to these kinds of minerals.

"We had long discussions on the critical mineral sector with the Philippines and one of the things that we talked about is how we can establish a close, working relationship with the Minerals Security Partnership in order to allow several potential mineral projects in the country," said Fernandez.

"[This relationship] could allow potential investments and receive financing in these kinds of projects in the Philippines as the country could take the supply chain vulnerability we all have and turn it into a possible opportunity that could attract several kinds of related investments," he added.

Fernandez also said that this does not only apply to nickel-related projects but also other minerals such as cobalt and copper as well.

The Minerals Security Partnership is a collaboration of 13 countries and the European Union to catalyze public and private investment in responsible critical minerals supply chains globally.

It aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain.

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