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The Department of Trade and Industry is wooing US battery maker ZAF Energy Systems and Battery Grade Materials Inc. to expand to the Philippines, citing the country’s attractive menu of incentives and perks.
“Apart from having vast resources of green metals such copper, cobalt and nickel, which are key inputs to the production and manufacture of battery and other technology products, US companies stand to benefit from a partnership with the Philippines with the set of incentives the Corporate Recovery and Tax Incentives for Enterprises Act,” Trade Secretary Ramon Lopez said in a meeting with ZAF chief executive Randy Moore at the sidelines of the high-level diplomatic reception for government officials and business leaders in Washington D.C.
Lopez said the proposed hydroxide processing plant and battery manufacturing projects of ZAF and BGM may both qualify for tier II under industrial value chain gaps of the proposed 2022 Strategic Investment Priority Plan. The proposed investment for the project is estimated at $500 million.
ZAF and affiliate BGM are already in talks with some Philippines-based nickel mining companies and are looking for more possible suppliers, according to the DTI.