The mayor of Tampakan, South Cotabato, expressed high optimism his town will turn into an urban center in two years time "and may even become a city," citing the entry of big-time investors into the municipality.

Mayor Leonardo Escobillo said there will be tremendous development in his town once the Tampakan Copper-Gold Project will push through. The US$6-billion project is touted as the largest single investment in the country.

The Philippine government is in a FTAA with Sagittarius Mines Incorporated (SMI) to explore and develop the Tampakan project, considered as the largest untapped copper deposit in southeast Asia. This is because the Philippine government lack money and resources to tap the project on its own.

The often overlooked potential of the Philippine mining industry goes beyond imagination. Out of the 30 million hectares of the Philippines, nine million hectares or 30 percent of the entire country is identified to have high potential for mineral deposits.

Yet, only about 420,000 hectares or a mere 1.4 percent of the 30 million hectares are covered with existing mining rights.

Citing huge potentials of the town in mineral development, Escobillo said the town "will grow into an urbanized municipality in the next two years and could become a city in ten years."

Tampakan is presently categorized as a second-class municipality.

Progress and development will not be so remote with the help of private investors SMI, Escobillo said, pointing out that when SMI was still not around, Tampakan was a mere fourth-class town.

Municipalities are classified according to average annual income. A fourth-class town earns around P25 million yearly while a first class municipality earns P50 million or more per year.

Escubillo disclosed that local business opportunities grew in Tampakan when SMI started explorations in the municipality back in 2003.

Aside from its potential to become one of the biggest mines in the world, the Tampakan Project is also expected to provide employment to an estimated 9,000 workers in its construction phase and over 2,000 during its full operations.

Taxes and royalties that are to be paid to local government units, host barangays and tribal communities were estimated to be at least P65 billion, while the national government stand to receive a total of P225 billion in taxes during the life of the mine.