INDUSTRY players counting on Duterte team’s recognition of the importance of mining.
The Philippine Chamber of Commerce and Industry Wednesday warned that sweeping statements and announcements being made by the Department of Environment and Natural Resources are “destroying the image of the Philippines from an investment standpoint.”
The PCCI, the country’s largest business organization, was referring to the series of DENR announcements regarding the list of mining firms that were up for suspension.
“This creates some concern for the industry. For us (mining firms) that are already here, we are proceeding with our operations. But for those who want to come in, they are getting nervous,” said Jose P. Leviste Jr., who co-chairs the mining committee of the PCCI.
“Incoming mining investors will now have second thoughts about the Philippines and, because of these pronouncements, no investor would want to come in even if we are a highly mineralized country,” Leviste said on the sidelines of the 42nd Philippine Business Conference Wednesday.
Leviste stressed the need to create a lucrative and conducive environment for the mining sector, which had the potential to become a significant contributor to the economy.
At the same time, Leviste urged the government to make a firm decision on the fate of the Tampakan copper gold mine project, which has the potential to become the single largest foreign investment in the country with a planned $6-billion capital infusion.
“The Philippines can be the Chile of Southeast Asia when it comes to mining but many investors are nervous. The Philippines can become a mining country but it will depend on the actions of the DENR. For example, we have to decide whether we want to proceed with Tampakan or not.”
“Should we move slowly ? Yes. Should we move carefully? Yes. But if we decide that we don’t want to develop Tampakan, then you won’t be developing the largest undeveloped copper mine in Southeast Asia. The previous administration issued an environment compliance certificate but the current DENR team is questioning that ECC,” Leviste added.
On OceanaGold Corp., Leviste said the company was continuing to operate the Didipio gold-copper mine despite concerns about the direction that the DENR was taking.