The Philippines is among the world’s biggest supplier of nickel ore and also among the top producers of copper and gold. However, the mining sector contributes less than 1 percent to the country’s economy.
Countries that are rich in these minerals stand to gain substantially from these resources: taxes and royalties, infrastructure development, and the long-term development of host communities. Of course, encompassing all of these are the gains to be made in the fight against climate change. Bureaucratic barriers and efficiencies worsen the situation, because those willing to invest in the Philippines and ready to put up the billions of US dollars in capital required are met with bureaucratic roadblocks and policy uncertainty.
The result was a vibrant and productive exchange of views as well as the realization of a clearer pathway to address regulatory barriers and move forward. For his part, Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go shared that there is now a global interest to invest in the Philippine mining industry. Recent meetings between foreign firms and the Board of Investments indicate potential partnerships in mineral processing. This interest, however, must translate into concrete investments and development projects to be truly beneficial.