Current Philippine Government has prioritised revitalisation of the mining sector to build up its economy
Just 5% of the country’s estimated $1 trillion in mineral resources has been explored to date
Celsius Resources now cleared to execute funding arrangements for its MCB project after securing a key certification
The Philippines is reemerging as a destination for mining investment with its great mineral wealth and now very mining friendly Government placing the Southeast Asian nation well and truly on the map.
According to Austrade in July 2023, the Marcos Jr Government that took power in June 2022 has prioritised the revitalisation of the mining sector as it has the greatest potential to drive the country’s economic revival.
Highlighting the impact of pro-mining policies, metal production increased almost 32% in 2022 compared to the year before.
This focus on mining also marks a return to the country’s long history of being a major minerals producer until environmental, social and governance concerns led to the imposition of a moratorium on new mining permits in 2012 for nine years.
Interestingly, the moratorium was lifted on April 14, 2021 by the previous government, indicating there is bipartisan support for the resources industry.
ESG regulations have been tightened but security of tenure, arguably the largest concern for miners globally when selecting a jurisdiction, is among the strongest in the world.
Mining permits, which grant their holders exclusive rights to undertake rational exploration, development and commercial production, are good for 25 years and are renewable for another 25 years – providing a good deal of certainty for their holders.
Find out More: Which Southeast Asian country is ready to tap its huge mineral potential? - Stockhead
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