CSR a core focus at Philex Mining

The Philippines has been blessed with abundant mineral resources, with untapped mineral wealth estimated at more than $1 trillion according to industry experts. In fact, mining has been named as one of the “seven big winners,” referring to the industries that have the greatest potential to generate jobs and contribute to sustainable economic growth. But a major hurdle the mining industry has to overcome would be the practice of irresponsible and unregulated mining by a lot of small-scale and backyard miners who have no regard for safety, giving the industry a bad rep in the process.

However, as President Aquino himself noted, it is possible for mining companies to harness the country’s mineral wealth in an environmentally responsible manner. Even presidential candidate Rodrigo Duterte indicated he has nothing against “responsible mining” and would even support the sector as long as companies conduct operations in an environmentally sound manner.

Foreign investors, in fact, are eyeing the mining industry – but potential investors have confirmed to me they also look at the track record of a company in the area of corporate social responsibility.

In the Philippines, the biggest gold and copper producer happens to be Philex Mining Corp. – recognized and respected in the industry for being the face of responsible mining in the country. Last year, Philex emerged as the top publicly listed company (PLC) among 263 other businesses in the local bourse in terms of corporate governance during the maiden ASEAN Corporate Governance Scorecard Awards, and was also among the top 50 PLCs in the region. At the recent 4th Annual Philippine Stock Exchange Bell Awards, the mining company was also named as one of the Top 5 firms in terms of corporate governance.

Further proof the company walks the talk when it comes to responsible mining and CSR were the other awards and accolades it received. During the Asia Corporate Excellence and Sustainability (ACES) Awards held in Singapore, Philex was named as one of the Top 5 Corporate Social Responsibility companies in Asia. The ACES award recognizes companies that have implemented substantial and significant CSR campaigns, as well as policies and structures whose returns go beyond financial gain.

And while all these awards do not exactly add to the bottom line, investors (both existing and potential) say they appreciate companies that exercise CSR and practice good governance. Philex’s share price has steadily climbed to P4.68 per share as of a week ago from P3.91 per share at the end of January – outperforming the Philippine Stock Exchange Index that experienced a one percent decline during the same period. Gold prices in the global market have also rallied, hitting $1,155/ounce from $1,128/ounce. 

Jobless Filipinos could exceed 9.1 million

The latest survey released by the Social Weather Station disclosed there are still 9.1 million Filipinos – or almost one tenth of the total population – who are jobless. But while the figures are slightly lower than the 10 million jobless recorded in September last year, this is still a disquieting development considering the economic growth the country has supposedly been experiencing. As one analyst privately commented, it only shows the “so-called economic gains are not reaching those who need it the most – the poorest and marginalized sectors of society,” he said.

Given the current situation in the Middle East plus the continuing slide in the price of oil in the global market, there is a possibility the number of unemployed could increase exponentially because overseas Filipino workers – many of them employed in the Middle East – could lose their jobs. While Filipinos have a slight advantage over other nationalities because of their facility in the English language as well as their skill, experience, training plus their generally positive attitude towards work, seeking employment would still be difficult.

With the campaign season now open, we can expect presidentiables to harp on the issue of unemployment. Observers tell us that Vice President Jejomar Binay and Davao City Mayor Rodrigo Duterte seem to have an edge because they have strong connections with the OFW community and the masa.

Binay, who served under the Aquino Cabinet as presidential adviser on OFW concerns, is highly respected by overseas Filipino workers who see him as someone who is genuinely concerned about their plight, visiting the OFW community in UAE and meeting with Labor Minister Saqr Ghobash last month. He also scored a lot of points when he brought home five Filipina workers who were reportedly maltreated by their employers. Duterte, on the other hand, also has a big following among OFWs who are mobilizing to support his campaign, with more than half a million having pledged financial help to boost Duterte’s small war chest.

China serious about clean air

China is creating a buzz in the world of nuclear physics with reports it has reached a breakthrough in nuclear fusion when it produced hydrogen gas that is three times hotter than the sun – which could potentially end the world’s reliance on fossil fuel. This puts China a step ahead of the others in the solar energy field, reports claim, as the experiment – utilizing a device known as the Experimental Advanced Superconducting Tokamak (EAST) – was able to heat up hydrogen gas to almost 50 million degrees Celsius (the sun’s core is believed to have a temperature of 15 million degrees Celsius), which brings scientists closer to producing infinite clean nuclear-fusion energy.

China is seriously curbing its dependence on coal and fossil fuel because of air pollution that is being blamed for lung cancer – which has caused the death of over 2.8 million Chinese in 2015 alone. If China successfully weans away from its dependence on fossil fuel, the better for us because their dirty air will no longer be blown to our shores. 

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