Business group backs mining reforms
By Anna Leah E. Gonzales | The Manila Times | February 17, 2022
THE lifting of an open-pit mining ban and the scrapping of moratorium on new mining agreements will boost the Philippines’ reputation as an investment destination, an Australia-based business organization said on Wednesday.
“Mining is one industry that truly highlights the complementarity between Australia and the Philippines,” Rene Cabrera, Australia Philippines Business Council (APBC) president, said in a statement.
A nine-year moratorium on new mineral agreements was lifted last April by President Rodrigo Duterte, who said the move would spur economic development in the provinces. A four-year ban on new open-pit mines was also lifted in December.
The Mines and Geosciences Bureau has estimated that nine prospective mining projects would benefit from the lifting of the open-pit mining ban and generate up to P80 billion in taxes and royalties.
“The Philippines has vast untapped natural resources; Australia is a global expert in minerals development and production underpinned by responsible mining practices sought by the Philippine government and community. The potential for rewarding opportunities has always been there,” said Cabrera, who is the managing director of San Miguel Yamamura Australasia.
The Philippines is said to be the fifth most mineralized country in the world with the third-largest deposits of gold, fourth for copper and fifth for nickel.
APBC said the country’s mineral resource assets, valued at approximately $1.32 trillion, were largely untapped and that 30 percent of the country’s total land area had mineral potential with less than 3 percent covered by mining tenements.
“Australian companies are well-placed to capitalize on these developments,” said Jose Leviste Jr., special advisor to the APBC and former chairman of OceanaGold Philippines, in the statement.
“The areas of opportunity include mineral exploration, mining equipment supply, engineering services, specialist software and industry education and training,” he added.
Source: The Manila Times