JAKARTA - The Philippine Congress will ratify a ban on raw mineral exports, as soon as June 2025. This plan is said to close a number of mining activities in the Philippines.

‘I hope the rules can be completed during the recess, so we can ratify it after the recess is over,’ said Francis Escudero, President of the Philippine Senate, a few days ago.

The raw mineral export ban will take effect for five years after the law is signed. During this period, mining companies are required to build their mineral processing facilities.

‘I believe this downstream move will bring a big change to our country, if we finally have our own processing facilities,’ Escudero said.

It is worth highlighting that the Philippines is the second largest nickel ore exporter after Indonesia. Most of the Philippines' nickel ore is exported to China.

According to IDN Financials data, Indonesia has also taken a similar step in 2020. The nickel ore export ban increased the value of Indonesia's nickel exports from US$3 billion to US$30 billion in just two years. (KR/LM)