Mining as a potential economic driver of pH

Philippine Finance Secretary Benjamin Diokno said in a statement on Friday that the Philippines will harness the potential of the mining sector as a driver of long-term economic expansion as the Southeast Asian country recovers from the COVID-19 pandemic.

“The mining industry has the greatest potential to be a key driver in our recovery and long-term growth, especially now that global metals prices are on the rise,” Diokno said.

After all, he said, the Philippines is one of the richest countries in the world in terms of mineral resources.

“As such, we will harness the potential of the extractive sector to drive long-term economic expansion,” he said.

Diokno said the government is reconsidering areas where it can enhance the policy environment and explore new opportunities for high and broad-based growth in line with emerging trends in the global economy.

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Apart from mining, Diokno said the Philippines is committed to making the country competitive in the semiconductor and electronics industry, which is the largest contributor to the manufacturing sector in the Philippines and represents the country’s largest export sector. He expressed optimism that the sector’s production will expand in the next 12 months.

He said the Philippines is also pursuing an energy transition and has opened up the renewable energy sector to full foreign ownership. A more liberalized renewable energy sector will accelerate the country’s transition towards a clean, affordable and desirable mix of energy sources, creating more green jobs.

In November last year, Philippine President Ferdinand Marcos, Jr. directed the Department of Environment and Natural Resources to tighten its regulatory powers over small- and large-scale mining. Marcus said he wanted to legalize the operation of small mining companies.

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