COMP urges next administration: allow mining industry to ‘flourish’

The mining industry used to be a huge contributor to the Philippine economy, particularly in the 1980s when it accounted for 21 percent of the country’s export earnings and over 2 percent of GDP.

However, in 2020, the industry’s share in total exports and the Philippine economy dropped to 8 percent and 0.6 percent, respectively. Toledo attributed the decline to a combination of factors, among them the “policy roadblocks” that included the nine-year moratorium on new mining projects and the four-year ban on open-pit mining.

At the same time, the industry is asking the next administration “to harmonize local and national laws to avoid conflicts on the ground.” Toledo alluded to the Tampakan mining project in Mindanao, which is being stalled by a provincial code that still bans open-pit mining. Tampakan, along with two other copper-gold projects Silangan and Kingking, can increase yearly national government revenues by P12 billion a year, local government revenues by P1.5 billion, exports by almost $2 billion and social expenditures by close to P800 million per year, he said.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

#CDNPinilay2022 Margot O vows all-out support to BPO industry if elected mayorCEBU CITY, Philippines -- Cebu City mayoral candidate, Margot Osmeña, who leads the Bando Osmeña Punodk Kauswagan (BOPK) party, promised the Business Process Outsourcing (BPO) industry of her
Source: cebudailynews - 🏆 8. / 71 Read more »

Japan’s fishing industry buffeted by Russia’s invasion of UkraineTOKYO -- Russia’s invasion of Ukraine has cast a long shadow over Japan’s fishing industry with the schedule for bilateral fishery negotiations on salmon and trout yet to be set, while
Source: inquirerdotnet - 🏆 3. / 86 Read more »