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Aquino: Philippines to have clear mining policy

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09:04 PM January 26th, 2012

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January 26th, 2012 09:04 PM

MANILA, Philippines—President Benigno Aquino III said the Philippine government will have a clear-cut mining policy by next month amid foreigners’ complaints that inconsistent rules have stymied investments.

The Philippines is the world’s fifth most mineralized country and its large reserves include gold and copper. But mining accounted for only about one percent of GDP last year, with total production at $1.5 billion.

Aquino said a report he commissioned on what mining policies were needed was due in mid-February. He spoke Thursday before foreign chambers of commerce.

Businessmen welcomed Aquino’s promise but said it remained to be seen how the rules will be implemented.

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