The Board of Investments (BOI) on Wednesday said that two groups of foreign investors are looking to set up nickel processing plants in the Philippines, with the government expecting a $5 billion investment for each facility that will be put up.

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo told reporters on the sidelines of a forum organized by the Management Association of the Philippines (MAP) that these investors want to partner with mining firms and venture into the business of refining nickel ores into battery materials.

"They are actively seeking partners and they already have a representative office here," Rodolfo said, referring to one of the investors which he said is from China.

"For the non-Chinese [investor], they are still conducting studies," he added.

The trade official said these investors will likely be able register with the BOI as early as this year if they are able to sign a memorandum of understanding with local partners.

Rodolfo said they are treating these potential investments as significant, referencing how Indonesia was able to increase the value of its nickel exports by twentyfold.

Further, he said they are currently reviewing the government's tax policies on ore exports, with the end view of coming up with a fiscal regime that will bring in significant foreign direct investments in the country.

"If [we] want to implement a [tax] policy, we want to make sure that it will have a real commercial impact, that it will bring in the investments," Rodolfo said, adding that they are already in consultation with different industry players and stakeholders. INQ