With the mining industry expected to be a major driver of the country’s long-term growth, Finance Secretary Benjamin E. Diokno underscored the need for mining companies to strictly adhere to responsible and sustainable practices.
During the Philippine Economic Briefing in New York where President Marcos delivered a keynote message to woo American investors, Diokno emphasized the administration’s commitment to help maximize the mining sector’s potential, attract more foreign investments and generate more jobs.
Diokno said the mining industry contributed significantly to the regional gross domestic product.
Its contribution to GDP amounted to P102.3 billion in 2020 despite the challenges posed by the pandemic.
The Philippines has one of the significant global reserves in minerals such as gold, copper, nickel, chromite, iron, bauxite, marble and limestone.
Chamber of Mines of the Philippines chairman Mike Toledo, who is also part of the Philippine business delegation, said National Economic Development Authority chief Arsenio Balisacan strongly echoed what Diokno said on mining.