He made the announcement after he, President Arroyo and Cabinet officials met for two hours with bishops who had asked the government to study the mining law in the wake of complaints from mining communities about destructive effects on the environment, particularly the recent mine tailings spill on Rapu-Rapu island in Albay.
In Albay, the government stopped the operations of a mining firm for allegedly polluting rivers and other fishing grounds.
De Venecia said the committee on natural resources would make the review.
"We shall incorporate (into the law) the strongest possible safety and environmental standards," he said.
He said while the government wants to encourage investments in mining, appropriate safeguards such as those being implemented in Chile, the United States, Canada, Australia and Scandinavian countries should be put in place.
He added that the House would await the recommendations of the fact-finding commission created by the President to look into the effects of Albay firm’s mining operations on the people’s health and the environment, particularly in Albay and nearby Sorsogon.
"We will consider the recommendations in our review of the Mining Act," he added.
The commission is headed by Sorsogon Bishop Arturo Bastes.
De Venecia said the Church leaders "are not against mining per se, but they are against irresponsible mining."
"They agreed with President Arroyo that the government should protect the environment as well as develop the industry as a major component of fighting poverty and raising the living standards of our people," he said.
He suggested that the country could learn from Chile, a copper exporter that has tough laws on mineral extraction.
He said mineral exploitation safeguards in Australia, the US and Scandinavia could also be studied.
He added that the country’s still largely untapped mineral wealth is valued at around $3 billion.
He also announced that the government would work out a housing program for people in mining communities.
Among the Church officials who met with Mrs. Arroyo at the Traders’ Hotel were Bontoc-Lagawe Bishop Emeritus Francisco Claver, Palawan Bishop Pedro Arigo, Boac Bishop Reynaldo Evangelista, Surigao Bishop Antonieto Cabajug and Bastes.
The bishops were from the mining provinces.
Aside from De Venecia, presidential chief of staff Michael Defensor, Environment Secretary Angelo Reyes, and Socio-economic Secretary Romulo Neri accompanied Mrs. Arroyo.
"We’re okay with the review but, of course, Congress would be the one to study the amendments to strengthen responsible mining," Defensor said.
"We were able to achieve middle ground to reconcile some of (the bishops’) proposals and the government’s thrust to attract investments," De Venecia said.
Defensor sought to allay the fears of foreign investors saying the amendments would just concentrate on improving safety and environmental concerns of local communities.
De Venecia said the amendments would actually give more incentives to foreign mining investors that offer the best environmental and safety measures in their business development plans.
He said the country’s estimated God-given mineral wealth amounts to $1 trillion compared with its external debt of $58 billion. He said the mining industry could generate hundreds of thousands of jobs and billions of revenues for the government.
He also called on the Senate to pass the Billion Trees Act to complement the Mining Act in protecting the environment. — With reports from Paolo Romero