AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Uncategorized

Mining industry backs relaxed foreign ownership restrictions

AngMinero News by AngMinero News
March 4, 2024
in Uncategorized
26 2
0
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The mining industry has expressed its support for the easing of foreign ownership restrictions under the 1987 constitution to help attract foreign investments in mining.

According to a BusinessWorld report, Chamber of Mines of the Philippines (CoMP) Chairman Michael T. Toledo argued that both mining and the government’s emphasis on mineral processing demand significant capital and that there is a scarcity of Filipino investors possessing the financial and technical capacity to support the growth of these ventures.

Global Ferronickel Holdings, Inc. President Dante R. Bravo said altering the charter to permit more foreign equity could be instrumental in unleashing the Philippines’ mining potential. Bravo added that foreign investors can tap into funds from abroad and channel them into the country, a capacity that local miners currently lack.

The Department of Finance (DoF) has recently urged the House of Representatives to relax the foreign ownership restrictions outlined in the Constitution for mining, public utilities, education, mass media, and advertising.

Toledo asserted that amending the constitution to relax foreign ownership limits would enhance the competitiveness of the mining industry. He emphasized the importance of offering an attractive potential return on investment to both foreign and local investors, considering the substantial risks associated with mining ventures, and highlighted the need to compete with other mineral-rich nations for investments.

Former Finance Secretary Margarito B. Teves expressed his backing to the idea of easing foreign equity restrictions, suggesting that it could bring in new players and improve mining technology in the Philippines.

The Philippine Statistics Authority (PSA) reported a 22% increase in the value of the country’s metallic mineral reserves in 2022. Class A gold, copper, nickel, and chromite resources were valued at Php 491.19 billion.

Tags: chamber of mines of the philippinesCOMPforeign ownership restrictionsminingmining industry

Related Posts

SMPC Champions Community Wellness with Medical Missions and Farming Support
Uncategorized

SMPC Champions Community Wellness with Medical Missions and Farming Support

March 20, 2025
PH gov’t stands firm on open-pit mining ban in 26 locations
Uncategorized

Court of Appeals dismiss Writ of Kalikasan against Palawan mining companies

December 9, 2024
Philex 2021 core net income soars 118% to Php2.53B
Uncategorized

Philex Mining reports PHP105M core net income for Q1 2024

April 26, 2024
Hontiveros eyes probe in mining, quarrying effects
Uncategorized

Hontiveros eyes probe in mining, quarrying effects

April 16, 2024
PH nickel output hits a six-year low at 33 percent
Uncategorized

PH metal production up by 4.8%

March 14, 2024
PH eyes three more nickel processing plants
Uncategorized

Abra Mining stockholders push for probe on illegal trading

March 4, 2024

FEATURED POST

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025
Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

May 22, 2025
Nickel Asia buys 33.05M shares in Coral Bay Nickel

Nickel Asia Corp Trains Employees as Workplace Mental Health Responders

May 22, 2025

EDITOR PICK'S

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025

Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

May 22, 2025

Nickel Asia Corp Trains Employees as Workplace Mental Health Responders

May 22, 2025

Global Ferronickel Posts Over 2,000% Jump in Q1 Profit on Strong Nickel Market

May 16, 2025

Oriental Petroleum Posts Higher Q1 Profit Despite Lower Crude Sales

May 16, 2025

Philex Mining Posts Higher Profit in Q1 as Copper and Gold Prices Rise

May 16, 2025

Recent News

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In