Philippines' mining sector eyes growth with govt's plans

MANILA, Philippines — Chairman of the Chamber of Mines of the Philippines (COMP) Mike Toledo expressed optimism about the government's plan to open up more mining areas to investors in the latter part of 2024. 

The move, according to Environment chief Ma. Antonia Yulo-Loyzaga, is part of a larger initiative to boost the industry in the face of the global shift towards green energy.

In an interview with Bloomberg News, Toledo described the government's move as "most welcome news for us in the industry." 

He explained that the Philippines has a lot of metals needed for cleaner energy, like nickel and copper, making the country an important player in the global move towards cleaner energy.

"We in the Philippine metallic mining industry would like to participate and take advantage of opportunities presented by this development," Toledo said.  

"A lot still needs to be done but we believe the signposts show we are on a course that is likely to result in success," he added.

When asked about steps to boost the mining sector, Toledo identified several actions for growth and sustainability.

He stressed the importance of passing House Bill 8937 into law for a competitive and progressive mining fiscal system.

Toledo also explained the need for aligning national and local laws on mining and taxation, ensuring a clear regulatory framework.

For ease of doing business initiatives, Toledo welcomed the industry's involvement in efforts to simplify business processes, expressing satisfaction with the renewed interest from the Marcos administration.

He also urged for mining to be included in Investment Priority Projects, calling for incentives for projects benefiting local employment and economic growth. 

"There should be ways to facilitate the permitting and regulation of mining projects," Toledo said.