The Chamber of Mines of the Philippines (COMP) is hopeful that the next administration will assure a stable business environment for the mining industry to allow it to support the country’s efforts on post-pandemic economic recovery.
COMP chairman Atty. Michael Toledo, in a speech before the Consular Corps of the Philippines, said that the mining industry has a huge potential to contribute to the socio-economic growth of the country, saying that the country has over $1 trillion worth of untapped mineral reserves.
He emphasized that the mining industry used to be a huge contributor to the economy, especially in the 1980s, when the industry accounted for 21% of export earnings and over two percent of gross domestic product.
Toledo said that policy roadblocks, which include the recently lifted nine-year moratorium on new mining projects and the four-year ban on open-pit mining have caused the drastic decline in mining revenues.
Toledo said that the next administration would fulfill its role as facilitator, partner, and demonstrator of environment, social, and governance (ESG) best practices in the mining sector.
The top presidential candidates have aired their stands in the country’s mining industry. Vice President Leni Robredo said that mechanisms should be in place for locals and indigenous peoples, while Manila Mayor Isko Moreno said that the mining industry should be expanded to generate more employment and income.
Sen. Manny Pacquiao said that new mining permits should be regulated, while Sen. Panfilo Lacson said that the “palakasan” system is a major roadblock in the mining industry.
Former senator Ferdinand “Bongbong” Marcos, Jr., meanwhile, said that he remains wary of open-pit mining.
