PHILIPPINES Trends and Developments Contributed by: Patricia A O Bunye and Rafael Raymundo A Evangelista, Cruz Marcelo & Tenefrancia
Cruz Marcelo & Tenefrancia 9th, 10th, 11th and 12th Floors, One Orion 11th Avenue corner University Parkway Bonifacio Global City
Taguig 1634 Metro Manila Philippines
Tel: +63 288 105 858 Fax: +63 288 103 838 Email: natres.department@cruzmarcelo.com Web: www.cruzmarcelo.com
The Philippines is the fifth-most mineralised country in the world, with an estimated USD1 trillion in untapped reserves of copper, gold, nickel, zinc and silver. Notwithstanding, its min - eral wealth remains largely untapped. Out of the estimated 30 million hectares of total land area, around nine million hectares have a high mineral potential. Only about 5% reserves have been explored and mining contracts cover only about 3% of these areas. Recent statistics from the Philippine Mines and Geosciences Bureau (MGB) indicate that there are only 59 operating metallic mines, employing around 212,200 workers. In 2023, total exports of minerals amounted to almost USD7.32 mil - lion, and the gross production value for large- scale metallic mining is pegged at PHP249.71 billion, with 0.70% contribution to the gross domestic product. Revitalising the Mining Industry The Philippine government has once again expressed its support for responsible mining in the country in light of the global trend for a long- term transition to renewable energy in recent years. President Ferdinand Marcos Jr renewed
the call for a sustainable mining industry and prioritised the revitalisation of the mining sec - tor. During the 2023 Presidential Mineral Indus - try Environmental Award (PMIEA) ceremony held on 16 October 2024 at the Malacañang Palace, President Marcos underscored the min - ing industry’s crucial role in national develop - ment, emphasising that economic growth must align with environmental sustainability. The cur - rent administration envisions the mining sector to adhere to responsible and sustainable mining practices that balance mineral extraction with environment protection. This is a big policy shift compared to the previous administrations. Central to the government’s positive attitude toward the mining industry under the current administration is the recognition of its impor - tance in addressing the country’s looming ener - gy crisis, global warming and long-term commit - ments to sustainable goals and development. Potential Key Player in Green Technology The exacerbating effects of climate change revealed the urgency to shift to renewable sourc - es of energy from the traditional methods of burning of fossil fuels. The drive for green tech -
410 CHAMBERS.COM
Powered by FlippingBook