Mining stakeholders act to restore confidence in RP

The government and stakeholders of the mining sector must work harder to restore confidence in the Philippine economy and convince investors to proceed with their investments   in the Philippine mining industry.

This was the appeal of Chamber of Mines of the Philippines president Benjamin Philip Romualdez yesterday at the press conference announcing the 8th Asia Pacific Mining Conference and Exhibition to be held from Oct. 14 to 16 at the Sofitel Philippine Plaza Hotel.

Romualdez said the conference would be part of the “confidence building” measures that the private sector and the government must undertake to prevent investors in the mining sector from postponing their investments in the light of the current financial market turmoil caused by the US real estate mortgage crisis, as well as continuing local problems with the local government units, local communities and security problems.

“We are still hopeful that investments will come in,” Romualdez said.

However, he admitted that in the light of current events “the timetable may be delayed.”

The effect of the current financial turmoil stemming from the US real estate mortgage crisis, Romualdez explained, is that there will be a tightening of credit and heightened “risk aversion” among investors.

However, Romualdez is confident that such aversion will be temporary.

He said the Philippines, is “well placed”, with its mineral resources and policies to compete once the US situation finally settles down.

At the end of the day, Romualdez assured, the global economy is still growing and would continue to industrialize. The cornerstone of industrialization, is mineral resources of which the Philippines has an abundance, he added..

Philippine mining projects, will just have to exert more effort in convincing potential investors that they are worth investing in, Romualdez said.  – Marianne Go