Amid imposing numerous taxes on commercial mining firms and implementing environmental regulations, the Philippine Chamber of Commerce and Industry (PCCI) said this has caused investors to hesitate in investment opportunities and hinders the country’s potential to become a major economic contributor.
In an article by the Philippine Daily Inquirer, Barcelon said that when the laws are too rigid, it causes legitimate miners to be more cautious as it is a significant investment.
PCCI also added that today, mining practices can now be monitored round-the-clock through drones to ensure that companies are mining responsibly. Moreover, responsible mining practices have brought a lot of advantages to the hosting communities in the area they are situated in, building schools and hospitals while boosting commerce and trade that help the people who are in the micro, small and medium enterprises (MSMEs).
According to data from the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR), the country’s mining industry generated PHP 102.3 billion in 2020’s gross domestic product (GDP).
Meanwhile, the value of metal production broadens by 29.21 percent to a total of PHP 175.61 billion during the first three quarters of 2022.
As of today, the Philippines has about $1 trillion worth of untapped copper, gold, nickel, zinc, and silver reserves, with only 5 percent explored and 3 percent covered, based on data from the Australian Trade and Investment Commission.
