Diokno: PH mining to be a key economic driver

Finance Secretary Benjamin Diokno said that Philippines’ mining sector has the greatest potential to be a significant driver in country’s recovery and long-term growth, particularly given the current high global metal prices.

Diokno said this in the context of the Indo Pacific Economic Framework for Prosperity (IPEF) launched by US President Joe Biden last year.

He further emphasized the importance of establishing strategic cooperation, resilient supply chains and solid digital infrastructure among its partners in the Indo-Pacific region.

“The Philippines strongly believes that deepening regional integration among our economies is the quickest path to shared prosperity and inclusive growth,” Diokno said.

In light of this, the Marcos administration is reconsidering areas where it can improve the political climate and look into fresh possibilities for rapid and widespread growth that will be in line with recent developments in the global economy.

Diokno stressed that the government is committed to making the Philippines competitive in the semiconductor and electronics industry.

Earlier, Pres. Ferdinand Marcos Jr. ordered the assurance of safe working conditions for both small and large-scale mining firms in the country.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was established in May 2022 by President Joe Biden with the founding partners: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

Diokno said the IPEF will aid in cost reduction by strengthening the nation’s supply chains over time, shielding it from expensive disruptions that that lead to higher prices for consumers.