Mining Industry Appreciative of Philippine Investment Ground

Investors in the Philippine mining industry are noted to be most appreciative of the fertile ground for investment which the Arroyo administration has worked hard to achieve.

Press Secretary Ignacio Bunye said this was shown by the participation of prominent businessmen, mining professionals service providers, investment bankers and mining companies, who attended the eighth of the series of lectures on the mining industry organized by the Chamber of Mines.

Bunye also said a mining mission, organized by Austrade visited several places in the country and they had a chance to compare the "wait and see" attitudes of many companies way back and their "gung ho" attitude today.

Bunye added that the government is enhancing this development by continuing to streamline procedures in the government bureaucracy, ensuring consistency in policies, and providing stability in leadership.

He said forecasts by mining authorities that the prevailing high prices of mining commodities could continue until 2010 or even 2016 is a good sign not only for the mining sector but also for the whole country.

The government foresees investments in the mining sector to exceed $10 billion by 2011. This year alone, investments in the sector is expected to reach $892 million, and surge further to $1.4 billion in 2009.

"The growth of the mining industry will surely allow ordinary Filipinos to benefit, not just through employment in mining companies amid the surrounding communities, but by investing in, and profiting from, mining stocks," Bunye said. (ES Subong)