Govt commits to enabling environment

THE government is committed to fostering an environment that would allow the mining industry to thrive in the country, Finance Secretary Benjamin Diokno said.

In his remarks at the listing of Philex Mining Corp.’s (Philex) common shares in the Philippine Stock Exchange on Wednesday, he said that given the current high level of metal prices in the world, the mining sector has the greatest potential to play a significant role in the country’s recovery and long-term growth.

“The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources. Under the Marcos administration, the government commits to create an enabling environment for mining to flourish in the country,” Diokno added.

He further said the government is aware that mining, in addition to encouraging local development, is a strong magnet of investments that may catapult the economy onto a greater growth trajectory.

Diokno said the government also expects the mining sector to closely adhere to ethical and sustainable standards.

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“This is a nonnegotiable condition so we can guarantee the sustainability of the industry and the strong economic growth of its host communities,” he emphasized.

In the meantime, the Finance chief said the Philex listing reflects trust in the country’s bright prospects for economic growth.

He also said Philex would establish a new mine in Surigao and enhance its operations through the offering, which would result in the creation of more jobs, the revitalization of local communities and the contribution of more funds to the government.

Additionally, the listing sends a clear message to the mining sector that capital markets are effective tools for accelerating the development of significant mining projects. Diokno noted that mobilizing mining investments will aid in hastening the rehabilitation and expansion of the economy.

He added that Philex has been a pioneer in ethical mining as one of Southeast Asia’s top producers of copper and gold. It has been a fervent supporter of accountability and transparency in the mining industry as well as a dependable government partner in the pursuit of better resource and revenue management.

“I challenge Philex to continue setting an example for the country’s mining industry in striking a delicate balance between protecting the environment, uplifting local communities and supporting our socioeconomic agenda,” Diokno said.

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