Thus, declared Environment and Natural Resources Secretary Angelo T. Reyes, as he lured more mining investments into the country during the Indaba in the Philippines Mining Conference in Makati City the other day.
Reyes said the Department of Environment and Natural Resources (DENR) has identified 23 mineral development projects which are expected to bring to the Philippines $6.5 billion in investment in the medium term.
According to Reyes, foreign-based companies from Australia, Canada, Japan, Korea, United States, China, and United Kingdom have already conducted exploration and development of various mineral deposits in the country while mining companies have already signified their intention to expand their existing mining operations here.
"The Philippines is now in the midst of a mining revitalization program," Reyes said. "The mining revitalization program has already begun to bear fruits."
The DENR chief recounted his previous invitation to the mining investors in February, during the Indaba International Conference in Cape Town, South Africa. "Six months ago in South Africa, I invited you all to take a good hard look at mining investment opportunities in the Philippines," he said. "Your presence here today makes me extremely pleased that you decided to take me up on that invitation."
According to Reyes, the Philippines has natural endowments of metallic and non-metallic minerals.
He noted that major metallic elements like copper, gold, silver, nickel and chromite are abundant in the country, and that to a lesser extent, the Philippines also has molybdenum, manganese, iron and lead.
"We realize that there is a need to transform these minerals into economic wealth and to realize from them incomes to drive the national economy and develop our local communities," Reyes said.
He then invited the participants to the conference "to take a good hard look at mining investment opportunities in the Philippines."
Reyes said that in addition to incentives already available to mining operators, the Philippine Stock Exchange has liberalized its three-year profitability requirement to allow mining companies to be listed in the local bourse and raise capital through the stock market for local mining activities.
Reyes, however, emphasized the government’s commitment to protect the environment and promote social equity in all mining programs while recognizing the positive economic implications of mining.
Reyes noted that local mining contractors are required to spend at least 10 percent of their initial capital investments on environment-related infrastructures and three percent to five percent of direct mining and milling costs for annual environmental protection.
He likewise noted that mining companies are now required to conduct test runs to prove that they will not harm the environment.
Moreover, Reyes said that a mining company is required to commit one percent of direct mining and milling costs for financing social development projects to promote self-reliant communities and to provide livelihood and assistance to education, health, peace and order and sanitation projects.
As for mining projects located in ancestral lands of tribal minorities, Reyes stressed that the consent of indigenous peoples (IPs) is required, and at least one percent of gross revenues are given to the IPs as royalty payments.
"We fully adhere to the principle of sustainable development and steer our industry towards responsible operations, using only the best practices in mining, mineral processing and environmental management," declared Reyes.