PH critical minerals industry seen entering sweet spot
ABORLAN, Palawan—A newly signed executive order on critical minerals will unlock much-needed investments for the Philippine mining industry, according to DMCI Mining Corp.
Under Executive Order No. (EO) 122 signed last month, the Department of Environment and Natural Resources, through the Mines and Geosciences Bureau (MGB), is directed to establish a comprehensive framework for the industry.
DMCI Mining president Tulsi Das Reyes said: “That means they find the mining industry important. They find that we can add value to the country. They find that we can add value to other countries.”
“We’re very happy that he (President Marcos) still considers the mining industry as a true indicator of development.”
Reyes expressed hope that the EO would cut red tape in the permitting process.
“If those things can help hasten [permits], it will only be for the better of everyone because everyone’s in exploration mode. Everyone has MPSAs (mineral production sharing agreements) that are not moving.”
The EO aims to accelerate the privatization of government-owned mining assets. It also seeks streamlined and digitalized permitting processes as well as incentives for the processing and downstream industries.
The MGB is auditing all existing MPSAs and exploration permits, adopting a “use it or lose it” policy for dormant areas.
The EO did not specify which minerals are critical, but Reyes said he expected copper, nickel, gold and iron ore to be included.
