Media

In a boon for mining in the Philippines, Finance Secretary Benjamin Diokno has earmarked the sector as a source for long-term economic growth amid the pandemic.

As reported in business publication, Rappler, Mr. Diokno said: “The mining industry holds the greatest potential to be a key driver in our economic recovery and long-term growth, especially now that world metal prices are high.”

“The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources,” Diokno said.

The Philippines mining industry had laid dormant for years as areas were closed to mining, and a comprehensive review was undertaken.

This changed during Rodrigo Duterte’s last few months of presidency, however, as the country sought to reinvigorate its economy following reported missed growth targets.

The Philippine Government’s renewed focus on mining was welcomed by Makilala Mining’s President, Mr. Julito Sarmiento.

“We are thrilled with the government’s decision to again support mining in the Philippines,” he said.

“Our flagship copper-gold projects in the Philippines, including MCB and Sagay, have the potential to create thousands of jobs and support local communities, whilst employing best practice mining techniques to protect the environment.”

In a positive signal for renewed mining support in the Philippines, recently listed miner Philex will push ahead with its Silangan copper-gold mine which includes the development and construction of a mill plant, plus support facilities.

The Department of Finance estimates that the project can generate Php8.5 billion in excise taxes alone for Silangan’s entire mine life.

Mr Diokno lent his support to the project saying the mine will create jobs, reinvigorate local economies and provide additional revenues to government programs.

He called on the mining sector to strike a balance between the local communities, the environment and the government’s economic agenda.

Read more about Celsius Resources’ flagship copper-gold projects here.