President Gloria Macapagal Arroyo expressed hope Thursday night that before the end of her term, the mining investments in the country will reach $4 billion to $6 billion and these investments will come from the participants in the 6th Asia Pacific Mining Conference and Exhibition held in Malacañang, most of whom are foreign investors, chief operating officers of international companies and regional managers of firms with global operations.
In expressing the hope for a $6 billion mining investment in the country at the end of her term, President Arroyo, who appeared to have hurdled the most serious attempts to oust her from power, sent a strong message that she is determined to serve out the six-year popular mandate given her by the people in the May 10, 2004 elections.
The drive for the attainment of $6 billion mining investments is believed to have been boosted by the President’s signing two days ago of Executive Order No. 469 creating the Minerals Development Council whose responsibility is to advance the sustainable and responsible development of mineral resources.
"I hope that with this Executive Order, we will find the Philippines a good place to do mining business in the country," President Arroyo said.
The new council will be composed of officials from the Departments of Trade and Industry (DTI), Finance (DoF), Environment and Natural Resources (DENR) and the National Economic and Development Authority (NEDA).
The President thanked the conference participant, led by Philip Romualdez, who was reelected president of the Asean Federation of the Chambers of Mines for participating in the conference.
"I am glad you are all here tonight because it shows that you all recognize that mining is the next wave of prosperity for the Philippines, coming up after information technology which has been growing by leaps and bounds over the last four years. I hope that mining will also grow by leaps and bounds in the same percentage terms that our I.T. industry has been growing every year," the President said.
She said the debate on whether mining is a boon or a bane to a developing economy has long been resolved. Mining countries, she said, fare better than other countries in their respective regions provided there is institutional stability and good economic management.
The challenge clearly lies in transforming our mineral endowments into economic assets that will help liberate our people from the bondage of persistent poverty, the President pointed out.
"Let us all move forward in promoting the mineral industry towards growth and development — conscous and sensitive to environmental concerns, and proactively institutionalizing mechanisms to ensure the equitable sharing of benefits from our rich mineral resources," the President said. (E. T. Suarez)
