MANILA, Philippines — The Philippine mining industry is aligning its reportorial requirements with global standards, potentially attracting investors to advance the industry.
The country – through the Philippine Mineral Reporting Code Committee (PMRCC) – was formally included as the 15th member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) last Oct. 17.
The country submitted its application to join back in 2018, said Rolando Cruz, vice president for the nickel mining business.
WIth the country’s membership, Cruz said the Philippine Mineral Reporting Code (PMRC) now joins the CRISCO family of codes. This signifies that the reporting structure and substance adhere to the highest standards, and will be regarded on par with the codes of the other members.
“For publicly listed mining companies, the PMRC 2020 and the country’s membership to the CRISCO would mean investors could have the peace of mind that reports on mineral resources and reserves are of high standards,” he said.
The Marcos administration views the mining industry as a key driver for the country’s economic recovery, especially in creating more opportunities by attracting more foreign investments.
Cruz said the PMRC is primarily intended for publicly listed mining companies in the Philippines.
“However, in June 2023, the DENR [Department of Environment and Natural Resources] also adopted the PMRC 2020 edition to be used for submissions of private mining companies,” he said.
Formed in 1994, CRISCO, is a group of representatives from organizations responsible for developing mineral reporting codes and guidelines.
Other members include Australasia, Brazil, Canada, Chile, Colombia, Europe, India, Indonesia, Kazakhstan, Mongolia, Russia, South Africa, Turkey and the US.
The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80 percent of the listed capital of the mining industry.
As part of CRIRSCO, PMRCC chairperson Ciceron Angeles Jr. earlier said that aligning the public reporting of the industry with global standards would enhance the Philippines’ credibility among its stakeholders.
“Joining CRIRSCO is a testament to our commitment to upholding the highest standards of reporting and ensuring the protection of investors. By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry,” he said.
An important aspect of the public report includes sustainability considerations where mitigation and remediation plans regarding environmental, social, health, and safety impacts are discussed.
CRISCO said PMRCC plays a pivotal role in upholding the standards for transparent reporting of exploration results, mineral resources, and mineral reserves in the country.
It ensures that the PMRCC’s standards align closely and are substantially equivalent to CRISCO’s International Reporting Template.
“The addition of PMRCC to the CRISCO family will fortify the committee’s capacity to address and promote best practices in the Philippines, making a significant contribution towards achieving CRIRSCO’s overarching objectives,” the organization said.