Philex Mining Corp. expressed optimism over the prospects of the minerals industry following government’s pronouncement of support to the sector.
This developed as the Mines and Geosciences Bureau (MGB) said it is developing a digital platform for the submission of compliances by mining companies and stakeholders.
Eulalio Austin Jr., Philex Mining president and chief executive officer, cited the Department of Finance’s recent statement the government wants the revival of the mining industry to support the country’s economic rehabilitation.
“While we do not expect global uncertainty to wane because of the continuing threat of COVID-19 (new coronavirus disease 2019) and the emerging variants, not to mention the Russian invasion of Ukraine that has disrupted the global supply chain and raised concerns on food and energy security, we are optimistic that 2022 will be another good year for Philex, and for the mining industry in general,” Austin added.
Manuel Pangilinan, Philex Mining chairman, said the global outlook on metal prices continues to be positive, alongside the demand for metals such as copper.
“Recent government pronouncements under President Marcos Jr. are supportive of the mining industry. These should encourage renewed investor interest and confidence in responsible mineral resource development. It is time to slay the dragon of our much maligned past and welcome right and principled mining as a major participant to authentic nation building,” Pangilinan said.
Meanwhile, the MGB said it is preparing a system where it will process online submissions of mining companies’ compliance and reportorial requirements on terms and conditions of contracts, permits or other similar mining tenements and other pertinent laws, rules and regulations.
MGB said the project will improve the organizational productivity of the agency and mining companies’ technical personnel in terms of monitoring activities and mining compliance apart from easier generation of information that can be shared to the public as well as to ensure the integration of other government policies such as the Ease of Doing Business, E-Commerce Law and the Data Privacy Act, among others. – Jed Macapagal
