MANILA – The Australia Philippine Business Council (APBC) said the impacts of lifting the open-pit mining ban will spill over to other industries like manufacturing.
In a statement, APBC said the decision of the government to lift the moratorium will revitalize the mining industry, usher in the country’s manufacturing resurgence, and boost investors’ confidence in the Philippines.
“The Philippines lifted a four-year-old ban on open-pit mining for copper, gold, silver, and complex ores in December 2021. This followed scrubbing of the 2012 moratorium on new mining agreements seven months earlier. These developments are expected to usher in significant benefits to the economy including manufacturing resurgence, and step up investor confidence,” APBC said.
APBC president Rene Cabrera added that with the lifting of the moratorium, the Philippines and Australia can further strengthen partnerships in the mining sector.
“Mining is one industry that truly highlights the complementarity between Australia and the Philippines. The Philippines has vast untapped natural resources; Australia is a global expert in minerals development and production underpinned by responsible mining practices sought by the Philippine government and community. The potential for rewarding opportunities has always been there,” Cabrera said.
APBC special advisor and former chair of OceanaGold Philippines Jose Leviste Jr. said Australian firms are “well-placed to capitalize on these developments” in the Philippine mining industry.
“The areas of opportunity include mineral exploration, mining equipment supply, engineering services, specialist software, and industry education and training,” Leviste added.
APBC said the prospects in the mining industry remain largely untapped, noting that the country has an estimated USD1.3 trillion worth of mineral resources.
The copper industry is one of the five key sectors under the Department of Trade and Industry’s (DTI) Make It Happen in the Philippines investment campaign, the country having the fourth largest copper reserves in the world.
The DTI aims to attract foreign companies to invest in integrated facilities—from extraction to manufacturing of high-value copper products. (PNA)