The key players of offshore mining in the Philippines praised President Ferdinand Marcos Jr. for issuing an executive order that intends to fulfill the country’s tariff commitments under the Regional Comprehensive Economic Partnership (RCEP), a developing trade deal.
In a report by the Manila Times, Offshore Mining Chamber of the Philippines Inc. (OMCPI) Chairman Michael Raymond Aragon commended the President’s move, which is set to take effect in June.
The trade agreement will commence after 60 days since the Philippines presented its instrument of ratification to the secretary general of the Association of Southeast Asian Nations (ASEAN) on April 3.
The Senate agreed to the RCEP on February 21, which was over a year after the trade deal had come into force for other member countries.
The RCEP agreement involves nine ASEAN member states, Australia, China, Japan, South Korea, and New Zealand.
The executive order will maintain preferential tariffs on agricultural and industrial exports, which could benefit startup industries like offshore mining.
Aragon highlighted the importance of government support in order for startup industries, like offshore mining, to thrive.
Offshore mining is a high-tech but expensive method for extracting minerals from the country’s seabeds. As the Philippines lacks the technology and resources to conduct offshore mining, Aragon emphasized the need for foreign investments in this area.
OMCPI and its members are pioneers in mining minerals needed in electronic and renewable energy industries.
