“Because of the policy issues that the Philippine mining industry has faced, our country’s reputation as an investment destination took a big hit, and it will take time for investors to regain their confidence in the Philippines,” CoMP Vice-President for Communications Rocky G. Dimaculangan said in an e-mail interview.
“Foreign investment in mining allows the government access to capital and technology that are meant to benet the nation and its people over the long term. Some exploration and mining projects require huge capital requirements, which the government does not have, and Filipino investors may not be willing or able to provide,” Mr. Dimaculangan said.
Mining’s gross domestic product contribution is expected to increase from 0.6% to 1.5% a year, while enhancing National Government revenue by P12 billion, LGU revenue by P1.5 billion, exports by $2 billion, and social expenditures by close to P800 million a year. After the ban on open-pit mining was lifted, various environmental groups criticized declared their opposition, citing the impact on the environment, changes to the landform, and the risk of acid leaks and deteriorating water quality.icient laws in place to assure that mining does not unduly damage the environment.
Mr. Dimaculangan said the chamber adopted the Climate Change Protocol in 2017, one of the eight protocols of the Towards Sustainable Mining initiative.
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