The recent law enacted by Philippine congress liberalizing the ownership of companies engaged in mineral exploitation has generated sudden interest and investments in the mining sector of the Philippines.
Foreign investments is a key factor in creating a progressive and vibrant economy. And with the estimated $15 billion dollars that the foreign investors are pouring into the mining sector, the Philippine economy will again reap the benefits that it will bring into the system. Among others, these investments will create employment opportunities for Filipinos and generate more export receipts for the country’s economy.
In a recent dialogue between the Asean Ministers held in Manila recently, the participants have declared their common sentiment and support for the development of their respective mining industries.
In the Philippines, several foreign owned companies have started actual operations in mine sites all over the country. Some foreign investors are in the process of securing their permits and licenses in preparation for their actual operations.
The government is hoping that the mining sector will play a major role in the overall economic development of the country in the light of the current slowdown in economies of developed countries.