Chamber of Mines applauds Aquino policy: Signal to all investors

The issuance of the long-awaited Executive Order No. 79 on mining reforms drew generally positive reactions from the mining industry.

The Chamber of Mines of the Philippines (COMP) said the policy offered solutions that would encourage the development of the country’s mineral resources.

“We submit that legislation should also include a review of the Local Government Code, the Indigenous Peoples Rights Act and the Internal Revenue Code in a purposive effort to harmonize conflicting provisions of these laws with the mining policy,” COMP said in a statement.

“Our members applaud the policy’s directive to ensure consistency of local ordinances with the Constitution and national laws, as well as LGU cooperation,” it said.

The COMP said it respected the government decision to close certain areas to mining, adding that environmentally critical and protected areas should be preserved for future generations.

It also lauded the Aquino administration’s intent to improve the small-scale mining industry, and to develop downstream industries.

“We view the time spent on developing the policy as recognition of the important role of responsible mining as a catalyst for economic growth. The mining policy is a signal to all investors of government’s desire to establish a consistent and stable business environment founded on a level playing field. We are hopeful that the policy will harmonize conflicting interests, encourage investments, and foster sustainable development especially in the countryside where it is greatly needed,” COMP said.