Mining stakeholders said the proposed updates on the Philippine Mineral Reporting Code (PMRC) can help the country gain global recognition on market-related reporting and financial investments.
In a virtual briefing yesterday, industry leaders expressed confidence the Securities and Exchange Commission will approve the proposed improvements in reporting policies of mining firms which they said can encourage expansion plans while preventing fraud.
Ciceron Angeles Jr., chairperson of the PMRC committee, said the 2007 version of the code is no longer compatible with the template of major global mineral reporting codes.
Angeles said the latest version of the PMRC, submitted last year for approval, is expected to make Philippine- accredited competent persons in the mining sector as well as the Philippine Stock Exchange (PSE)-listed mining and exploration companies to be at par with foreign counterparts.
“The PSE’s prestige among both domestic and foreign investors will be enhanced as more mining and exploration companies will confidently list, expand and raise potentially billions of dollars in the Philippines,” Angeles said.
Among the key changes being sought by the PMRC 2020 are the addition of other non-technical aspects of reporting especially in commodity pricing and marketing, permitting and legal requirements as well as sustainability considerations.
The new version of the code seeks to require prior written consent of accredited competent persons (ACPs) of mining firms for all PSE disclosures, including posting on company websites and media releases.
The code describes ACPs as those who are members or fellow of the Geological Society of the Philippines, Philippine Society of Mining Engineers and the Society of Metallurgical Engineers of the Philippines or of any recognized professional organization included in a promulgated list.
Ciceron expressed hope the PSE can help persuade the SEC approve the PMRC 2020 especially that it serves as a safeguard for the investing public against possible fraud that may be committed by listed mining firms.
In the same event, Gerard Brimo, chairman of the Chamber of Mines of the Philippines, said Executive Order 130 (EO 130) which lifts the 9-year moratorium on new mining projects will not instantly revive the industry.
“While the lifting of the moratorium has undoubtedly been noticed by foreign investors and we do need them for some very large metallic projects that require a substantial amount of investments,(investors’) return to our shores may take some time,” Brimo said.
He added the government must ensure policies are stable and not changed mid-stream.
Brimo also said lifting the ban on open pit mining will help the industry achieve its full potential.
Meanwhile, Wilfredo Moncano, director of the Mines and Geosciences Bureau, said of the 101 mining projects in the pipeline, 36 are under priority phase 1 or are in the final stages of the special land use permit and have secured funding.
The rest are in priority phase 2 or those which submitted declarations of mining project feasibilities but have not secured funding.
Moncano said most of the projects under phase 1 are non-metallic whose resources are being eyed to support the government’s Build, Build, Build program while those under phase 2 are mostly for metallic resources.
“We need to balance the interest of mining companies and those who wants a list of names. There are opinions that if we publicize it, they might be targeted by anti-mining groups. We want to provide this publicly but we are also weighing it,” he explained. – Jed Macapagal
