Increased investments and activities in the mining sector will help support the country’s recovery from the economic fallout of the pandemic, according to an official of Metro Pacific Investments Corp. (MPIC).
Atty. Michael T. Toledo, managing director for Government and Public Affairs at MPIC, reiterated the mining sector’s role in helping the economy recover from the slump caused by the COVID-19 outbreak.
MPIC’s parent First Pacific Co. Ltd. controls Philex Mining Corp., the country’s largest miner.
Toledo said the challenge now lies on how to use the country’s vast mineral resources as a catalyst for development while laying the groundwork for inclusive and environmentally sustainable growth.
“The Philippines is blessed. We’re a highly mineralized country. Top 5 in gold, copper, nickel. Wouldn’t it be ironic and sad that if faced with all these richness, we won’t be able to develop it and use it to help our country. As our chairman very eloquently said, mining is not the enemy, poverty is. We have the resources,” Toledo said.
He said local mining does not only provide jobs and security to communities, it also supports livelihoods by supplying the vital goods and services.
“We make it a point in all mining sites we operate or those still in exploration stage, we have livelihood and environmental programs. We provide infrastructure — water, roads electrification. We make sure there are hospitals, dental missions,” Toledo said.
” We must develop what we have and maximize the mining industry’s growth potential,” he added.
Last April, President Duterte issued an order lifting the moratorium on new mining deals.
The government is expected to generate P21 billion in revenues from 100 mining projects in the pipeline.