Special Presidential Adviser for Investments Frederick Go says the government is prioritizing the streamlining of processes in the mining industry to capitalize on the country’s abundant copper and nickel resources.
According to a report by the Manila Bulletin, Go highlighted the Department of Environment and Natural Resources’ (DENR) efforts to promote a more investment-friendly environment by streamlining permitting and application processes.
The current objective is to reduce the permitting process from five to six years to two to three years, with an eventual goal of shortening it to one to two years, said Go. He also noted the DENR’s effort to make permit processes concurrent rather than sequential.
This initiative is seen as an initial step towards a more developed mining sector, with the government aiming to enhance mineral exploration, promote downstream mineral investments, and strengthen the local steel industry.
Go added that this system aims to advance the ‘value chain,’ rather than merely mining the minerals, the country needed to begin processing them domestically, as the export value of processed minerals could be ten times higher than that of raw ore.
With the goal of bolstering mining companies, the government is working towards the completion of the geo-mapping project. This would give precedence to mining areas as well as minimize the risks for investors by supplying the investors with detailed information on mineral deposits.
Go added that the government preferred to transition from raw nickel to processed nickel, to electric batteries, and to electric vehicles, as it had been a long-term goal.
In line with this goal, Go underlined continuous initiatives to draw capital to the steel sector, which at the moment is largely dependent on imports.
In other developments, SteelAsia Corporation’s P10 billion rebar rolling mill in Compostela, Cebu, and a significant $400 million (P20 billion) steel plant in Saranggani, both set to open in the third quarter of this year.
