Aquino: Philippines to have clear mining policy

MANILA, Philippines (AP) — President Benigno Aquino III says the Philippine government will have a clear-cut policy on its mining industry by next month amid complaints from foreigners that inconsistent rules have stymied investments.

The Philippines ranks fifth in the world for mineral reserves, including large reserves of gold and copper. But mining accounted for only about 1 percent of gross domestic product last year, with total production at $1.5 billion.

Aquino, who spoke Thursday before foreign chambers of commerce, said he would receive a commissioned report by mid-February with recommendations on needed mining policies.

Businessmen welcomed Aquino's promise but said they would have to wait and see the new policies and how they are implemented.

Julian Payne, President of the Canadian Chamber of Commerce, said the country has tremendous mining potential but that the government's current policy is confusing to businessmen.

John Ridsdel, president of the mining company TVI Minerals Processing Inc. told the conference, that there is a lack of consistency between national government and local government policies, and that the approval process for mining permits is cumbersome and needs to be streamlined.

He also said the government should crack down on illegal and dangerous small-scale mining, which involves an estimated $43 billion in illegal production, represents a huge loss of taxes and causes environmental damage.

Aquino said the government is trying to find the balance between protecting the environment and maximizing gains from mining.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

  • 48 nabbed in biggest anti-trafficking catch in Bongao VERA Files - The Inbox
    48 nabbed in biggest anti-trafficking catch in Bongao

    By Jake Soriano, VERA Files Bongao, Tawi-tawi—A team of Marines and policemen intercepted around noon Thursday 48 people, 12 of them minors, believed recruited by a human trafficking syndicate for work in Malaysia. The arrest constitutes what advocates called the … Continue reading → …

  • Docs vow to pay right taxes, make peace with BIR VERA Files - The Inbox
    Docs vow to pay right taxes, make peace with BIR

    By Kiersnerr Gerwin Tacadena, VERA Files Leaders of the medical profession have made peace with their former adversary, the Bureau of Internal Revenue (BIR), and joined forces in a campaign to get doctors to pay the right taxes. BIR Commissioner … Continue reading → …

POLL
Loading...
Poll Choice Options