Australian Philippine Business Council happy with New Mining Policies

The Australian Philippines Business Council welcomes the change in direction PH policymakers are taking for the mining industry.

“These developments are expected to usher in significant benefits to the economy including manufacturing resurgence, and step up investor confidence,” the council said in a statement.

Philippine policymakers have been tirelessly working on new regulations surrounding the mining industry. Last December, the country lifted a four-year ban on open-pit mining. While in April, it also lifted the moratorium on granting new mining permits.

“Mining is one industry that truly highlights the complementarity between Australia and the Philippines. The Philippines has vast untapped natural resources; Australia is a global expert in minerals development and production underpinned by responsible mining practices sought by the Philippine government and community. The potential for rewarding opportunities has always been there,” APBC President Rene Cabrera said.

“The country’s mineral resource assets are valued at approximately 1.32 trillion Australian dollars (and) are largely untapped. Thirty percent of its total land area has mineral potential but less than 3% is covered by mining tenements,” APBC said.

The APBC notes that the new changes provide stringent and clear-cut rules to ensure the equitability of businesses to the state and private sector “with an emphasis on environmental sustainability and community safety.”

“Australian companies are well-placed to capitalize on these developments. The areas of opportunity include mineral exploration, mining equipment supply, engineering services, specialist software, and industry education and training,” Jose P. Leviste, special advisor to the APBC and former chairman of OceanaGold Philippines, said.

Source: Business World Online