RP mining industry aims to be one of world's best

MANILA, July 20 (PNA) -- Reacting to the Catholic Bishops Conference of the Philippines' (CBCP) letter to the President to put a stop to large scale mining in the country, the Chamber of Mines of the Philippines said the repeal points to the extremist view of the Catholic Church against developing the country's God-given natural resources for the benefit of the people.

"It is distressing that the Philippines is the only country in the world where the Catholic Church is against the development of the God-given natural resources," a statement from the Chamber of Mines said.

According to the Chamber, Catholic countries like Chile, the largest producer of copper exports $ 29.9 billion of copper while Peru earns about $ 15.9 billion from its silver exports.

Brazil, one of the biggest producers of iron ore, exports about $ 40.1 billion worth of the mineral.

The Philippines has yet to develop its indigenous mineral resources and in recent years, has sustained the industry's growth momentum.

Gross domestic product contribution has reached 1.3 percent while exports have been recorded at $ 1.6 billion.

Capital investments of $ 3 billion have been made since 2004 and another $ 1 billion is expected within 2010.

Mining generates income and employment for the community and with its multiplier effects, creates even greater economic value for society.

The Chamber said those conspiring to create uncertainties in the country's investment environment are placing the current administration in an untenable position of enticing investments.

In his inaugural speech last June 30, President Benigno Aquino III said that the country is "ready to take its place as a reliable member of the community of nations, a nation serious about its commitments and which harmonizes its national interests with its international responsibilities".

The President further said that the Philippines "will be a predictable and consistent place for investment, a nation where everyone will say, ït all works.”

Since 2005 when uncertainties about the Mining Law was finally resolved, the mining industry has enticed investors to take a second look at the opportunities in the industry and, with the revitalization efforts made by both the government and the private sector, the industry became the star performer in 2009 registering about 23 percent growth in the midst of the financial meltdown that affected the other sectors of the economy.

On the other hand, the Chamber alleged that CBCP has been supporting small-scale mining which is unregulated, has problems on environmental protection measures and does not contribute to government's tax revenues.(PNA)