Stratbase Albert Del Rosario (ADR) Institute said the 4.4 percent drop in the Philippines’s Foreign Direct Investment (FDI) in 2018 could have been countered by the investments blocked by the open-pit mining ban.
The independent strategic research organization claimed that the country could have driven economic and regional growth even more if only permission to operate was granted in underdeveloped mining sites that received investments.
For instance, ADRI President Victor Andres C. Manhit mentioned Tampakan copper-gold deposit in South Cotabato, which is believed to be one of the largest undeveloped deposits in the world.
“Once developed, the mine has the potential to be a key driver of both national and regional growth, with an average yield of 375,000 tonnes per annum of copper and 36,000 ounces per annum of gold in concentrate over a 17-year period. A simple computation based on prevailing copper and gold prices translates to some P126.6 billion and P24.2 billion in annual potential, respectively,” Manhit said in a BusinessWorld report.
The Mining Industry Coordinating Council (MICC) unsuccessful created an agreement on whether to lift the Department Administrative Order (DAO) 2017-10 which imposed a ban on open pit mining.
A loss of $ 23 billion investment for 11 mining projects in 2016 just faced pending status due to said open pit mining ban. The country’s FDI in 2018 only amounted to 9.8 billion.
Other pending multi-billion dollar investments include Nadecor’s Kingking project in Davao del Norte, Davao Oriental’s Asiaticus project, Lepanto Mining’s FSE project in Benguet, and Masbate’s Philsaga Mining contract, among others.
