Mining investments reach $2.8 billion during GMA’s watch – Ramos

MANILA, Philippines – The mining sector received a total of $2.8 billion in investments following the implementation of a revitalization program for the minerals industry during the term of President Arroyo.

This was contained in a report released yesterday by Environment Secretary Horacio C. Ramos.

In his report, Ramos said that from the start of the revitalization program in 2004 to date, a total of $2.8 billion has been invested in the Philippine mining sector.

As a result, Ramos said the contribution of the mining and quarrying sector to the gross domestic product (GDP) increased to P100.5 billion last year from only P21.6 billion in 2000.

He said gross production value from mining is estimated to reach P106.5 billion compared to only P31 billion in 2000, an increase of 250 percent.

According to Ramos, the mineral industry contributed $2.72 billion in exports last year compared to just $649 million in 2000.

Government revenues from the mining sector through national and local taxes, fees, and royalties are expected to reach P7.5 billion in 2009, Ramos said, adding that employment generated by the minerals industry amounted to 165,000 directly employed and up to 825,000 indirectly employed.

Ramos’ report also noted that 17 mining projects, have opened/re-opened during the term of President Arroyo including the Palawan HPAL nickel project of Coral Bay Nickel Corp.; the Canatuan project of TVI Resource Development, Phils.; the Rapu-Rapu polymetallic project of Rapu-Rapu Minerals, Inc.; and the Berong nickel project of Berong Nickel Corp.

The collective environmental management and protection, and mine closure commitment from mining contractors and permit holders has reached P21.7 billion, Ramos reported.

He said the private sector commitment for social and community development is almost P1.2 billion benefiting around 749 host and neighboring communities of 385 mining projects.

Ramos said it was during the terms of President Arroyo that the major role of the minerals industry in socio-economic development was recognized and the revitalization program for the minerals industry was pursued.

President Arroyo issued Executive Order 270/270A or the National Policy Agenda on Revitalizing Mining in the Philippines which led to the increased investments in the mining sector from 2004 to 2009. –Marianne V. Go (The Philippine Star)