However, officials of JP Morgan stressed the need for the Philippine government to maintain "clarity in both its tax and regulatory system."
Following a courtesy call on Environment and Natural Resources Secretary Angelo Reyes, Ivor Orchard, head of human resources of JP Morgan Securities (Asia Pacific) Limited, noted that the right policy framework to attract foreign investments in the Philippine mining sector is now in place.
In fact, Orchard added, the Philippines’ absence in the mining sector in the ‘80s and ‘90s may actually have been a blessing because its emergence now as a prospective investment site comes at a time when there are now more stringent mining practices aimed at preserving the environment.
Orchard noted that the global commodity market is enjoying record prices and prospects for gold, copper and nickel, which the Philippines has in abundance.
Orchard said "there is widespread interest in the Philippines as a haven for investment."
Andrew Little, technical director of JP Morgan Australia Ltd., noted that interest in the Philippines is coming from major mining firms such as BHP Billiton, Anglo American, Xstrata Plc, to name a few.
Orchard pointed out, however, that such interest takes some time to convert to more concrete investments and that it is unrealistic to look for an "overnight production of significant assets."
"But it will happen," he added.
JP Morgan, Orchard said, is "actively looking to finance a couple of projects here."
Firms like BHP Billiton, Anglo American and Xstrata are still in the exploratory phase and have not yet firmed up their investments in the Philippines.