According to the Mines and Geosciences Bureau (MGB), the Philippines is among the top five countries with the highest overall mineral reserves in the world. Given the country’s vast amounts of mineral resources, the Philippine mining industry has great potential to be a major growth sector for our economy. With a proper framework for the responsible utilization and management of the country’s mineral resources, mining can generate much-needed exports, foreign investments, government revenues and employment.
At present, the potential of the mining industry remains unrealized. The contribution of mining to the economy is low, accounting for less than 1% of GDP from 2003 to 2012. One of the reasons for this is the limited capability for mineral processing within the country. Consequently, most of the industry’s products are exported in primary form, with little added value.
The proposed bill requires that all extracted minerals be processed within the country before export, thereby triggering the development of our country’s mineral processing industry and enhancing the value of our mineral products. Ultimately, this measure seeks to generate more domestic income, attract more investments, and lead to more jobs and livelihood for the Filipino people.
In light of the ASEAN Economic Integration, the proposed measure therefore seeks to raise the value of our Philippine exports and expand the industry’s contribution to our economic pie.
In view of the foregoing, the approval of this bill is earnestly sought.
Recent Comments