The Chamber of Commerce of the Philippine Islands (CCPI) is seeking amendments of the existing mining laws in the country and has recently tapped the aid of the Congress to fulfill them by the first half of the year.
While the Philippines is poised for global mining standards thanks to having one of the richest resources in the world, the century-old business organization said the government should alter its ways imposed on the mining industry and actually start looking inwards than outwards.
“What we are doing now is we get the mines, we get the copper ore, we give to China and Japan, and then we import back the finished product,” CCPI President Jose Luis Yulo, Jr. said during the Nordic Chamber of Commerce of the Philippines on Wednesday, suggesting the country should take advantage of its raw minerals such as ore.
In 2014, the Philippines accounted for 50 percent of the global source of nickel ore after Indonesia implemented a ban on mining exports.
“We should only give the mine to people who will produce a factory and use the minerals that produced finished products,” Yulo said, adding that exports shouldn’t explicitly be restricted.
He also said the current administration should look into giving fiscal incentives to companies that would set up a complete value chain for mineral processing.
In 2016, the CCPI rebranded in light of a “newfound enthusiasm” with its slogan “History Builds Future 2030 – Five Pillars”, which cites five stronghold areas – education, government, infrastructure & development, entrepreneurship, and economy – as instruments for national growth.
The organization is also known for having strong opinions on the controversial mining industry in the country.
