Philippines seeks to sell nickel supplies to India

The Philippines is looking to sell more nickel to India as it tries to reduce its heavy dependence on Chinese buyers. The Filipino Foreign Minister, Enrique Manalo, made this push during a meeting with the Federation of Indian Chambers of Commerce and Industry on Monday. He suggested that India should source nickel for its battery production from the Philippines. Currently, the Philippines is the second-largest nickel producer in the world, accounting for 11% of global production. Manalo stated that almost all of the Filipino nickel exports go to China, with only a small percentage going to Japan. He sees a strong opportunity for India to become a more significant player in the Philippine nickel market. Manalo emphasized the importance of developing the Philippines' nickel sector with Indian support, not just for exports but for processing and building a value chain. He pointed out that India currently imports nickel from countries like Russia and Norway, which creates a chance for collaboration between the two countries. The discussion also included the need to fast-track negotiations for a preferential trade agreement, which began about two years ago. This agreement is seen as crucial for expanding business ties. In 2024, trade between the two countries reached $3.5 billion, with India's exports to the Philippines outpacing imports. Manalo also highlighted the potential for Indian companies to invest in the Philippines, pointing to the country's strong economic growth and recent business-friendly reforms. He believes India has untapped potential for importing more from the Philippines, which could reach up to $577 million in exports.