Chamber of Mines of the Philippines president Benjamin Philip G. Romualdez said that settling the constitutionality issue once and for all would allow the industry to finally track its course to revive the mining sector.
"Settling the constitutionality issue at this time, would also allow the country to avail of the current global window of opportunity wherein mineral prices are quite high," Romualdez said.
Global prices of gold, copper and nickel are high due to several factors which include rising demand from a growing world economy and fears about global instability, analyst said.
The Philippines, Romualdez said, has plenty of mineral resources which have remained untapped.
The mining sector, Romualdez explained, has a multiplier effect on the economy. "In particular, a revival of mining activity would also perk up the construction industry and the stockmarket," he said, adding that "it would lead to job creation and development of rural communities." According to Romualdez, the Mindanao region is expected to benefit from a revival of the mining sector where 80 percent of the country’s mineral resources remain untapped and where poverty alleviation is a goal.
Romualdez said they expect foreign investments in the mining sector to hit $4.5 billion and result in up to $2.5 billion in additional revenues for the government once the constitutionality issue is settled.