http://www.pia.gov.ph/default.asp?m=12&fi=p070726.htm&no=12&r=&y=&mo Manila (26 July) -- To ensure close monitoring by the government of the development and utilization of the country's mineral resources, President Gloria Macapagal-Arroyo has ordered the transfer of the supervision of the mining industry from the Department of Environment and Natural Resources (DENR) to the Office of the President.
The President's directive was contained in Executive Order (EO) 636 dated July 18.
"In order to closely monitor and oversee the efficient and effective implementation of the country's utilization and development of its mineral resources, there is a need to transfer the Philippine Mining Development Corporation from the Department of Environment and Natural Resources to the Office of the President," EO 636 said.
The order also stated: "All issuances, rules and regulations or parts thereof which are inconsistent with this EO are hereby revoked, amended, or modified accordingly."
Before the issuance of EO 636, the Philippine Mining Development Corporation (PMDC), formerly the Natural Resources Mining Development Corporation (NRMDC), under the DENR, exercised supervision over the mining sector.
The Arroyo administration has stressed that environmental laws would not be compromised in the development of the country's mineral resources.
The PMDC is a government-owned and controlled corporation (GOCC) with the primarily task of exploring, developing, mining, smelting and producing, transporting, storing, distributing, exchanging, selling, disposing, importing, exporting, trading and the promotion of gold, silver, copper, iron and all kinds of mineral deposits and substances.
Mining activities, already on the uptrend, are expected to further increase next year with more foreign direct investments flowing into the country.
This year alone, some of the world's biggest mining players have invested a total of $500 million in the Philippines mining sector.
These mining firms include the Atlas Consolidated Mining and Development Corp., $100 million; the joint venture of Oceana Gold Ltd of New Zealand and Climax Arino Mining Co. of Australia, $100 million, and the Coral Bay Nickel Corp., $100 million to expand its Rio Tuba operations in Palawan.
Responsible mining has been touted by the Arroyo administration as the key to sustainable economic growth. The Philippines is the world's fifth most minerals- endowed nation.
The local mining industry suffered a slump in the 1970s when metal prices in the world market dived. But with the new surge in the price of metals, the Philippines mining industry is well-positioned to cash in on the price hikes. (OPS)
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