MANILA, Philippines — The government plans to privatize its mining assets to shore up revenues and help reinvigorate the mining industry, the Department of Finance (DOF) said yesterday.
Speaking at the 46th Philippine Business Conference and Expo organized by the Philippine Chamber of Commerce and Industry, Finance Secretary Carlos Dominguez said the government seeks to revive the mining industry as it provides job opportunities in rural areas.
He said the government is looking to sell its mining assets to the private sector to revive the mining industry and boost government coffers.
“Just a few days ago, we had a complete review of the mining assets held by the government through the Privatization Management Office (PMO), and I have asked them to push the privatization of Nonoc mines, Basay mines and all the other mines that are held by the government,” Dominguez said.
Based on a list published on the PMO website, some of the mining assets for sale include the transferred mining claims of Basay Mining Corp., Hercules Minerals and Oils Inc. and Marinduque Mining and Industrial Corp.
The mining claims, machinery and equipment of Nonoc Mining and Industrial Corp. located in Surigao are also for sale.
Also in the list are mining assets reconveyed by the Land Bank of the Philippines which include Aggregate Mining Exponent, Black Mountain Inc., Sta. Ines Mining and Steel Corp. and Trident Mining and Industrial Corp.
The finance chief said the valuation of these assets is being updated.