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lovephileo's review
Investment Sector: Emerging Markets Submitted by Lovephileo 
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
about 1 year ago Tags: mining mineral biodiversity Environment Add Tag |
Philippines is blessed as the 5th mineralized country in the world with $1 Trillion untapped mineral deposits once fully developed, would be ten times our annual gross domestic product (GDP). The country has overwhelming trillion-dollar worth of untapped mineral resources. RP ranks No.3 in gold, No.4 in copper, No.5 in nickel, No.6 in chromite. The country's mineral potentials can easily wipe out foreign debts, and yet leave more for future generations.
RP could be elevated to a "mining country" by 2010 if the country's mettalic producing mines could sustain its output growth at its current pace. Based on a 2002 World Bank Study, a country can be called a "mining country" if it has a large domestic sector and its mining industry contributres at least 6% to the total exports. The Department of Energy and Narural Resources (DENR) had initially projected that mining's contribution to exports would be on upward trend beginning next year at about 2.8% and at 2.9% in 2009. A big jump in exports contribution is projected in 2010 at 8.6% with all of the priority mining projects already on stream. The projection were based on the production and exports data of current producing mines and the schedule set by the 23 priority minerals development projects.
Since the start of the revitalization program, around 6,500 new job have been generated with an additional 3,000 plus jobs are projected for 2007. Another 30,000 plus is projected in 2008 and 2010. Employmenty in mining is currently pegged at 141,000 up from 2002's 101,000.
The government remains bullish on the prospects of the mining industry, which it expects to generate as much as $10 billion in mineral sales by 2011. The projected sales revenue translate to 58.9% average annual growth from 2004 to 2011. Accordingly, mineral sales are expected to reach $3.62 billion this year; $4.51 billion in 2009; and $5.379 billion in 2010. Last year, mineral sales hit $3.078 billion. Sales are seen jumping to $10 billion in 2011 as the government expects strong production performance from new and existing mineral development projects.
It expects mining to generate between $5 billion and $7 billion annually in foreign exchange and to create as many as a quarter of a million jobs over the next 6 years. As mining investments pour in, the rural areas will experience a significant boost in jobs and productivity, plus a strong surge in infrastructure development. While Philippines has an estimated $1 Trillion (533 Billion pounds) worth of untapped gold, copper and nickel resources, only 2% of about 9 million hectares of land, identifies as having rich mineral deposits, have been explored and covered by mining permits.
The drive to mine is powerful in RP. However, it confirms that we are still largely incapacitated when it comes to protecting our environment. This was the constant contention of some oppositions from indegenous groups and influential catholics bishops trying to ban mining projects of the government nationwide.
From a geological standpoint, the Philippines is A-1. But RP ranks 125th in international envioronmental protection index. The Philippines has only around 150 scientists per one million people. Its rank 125th among 146 countries rated by the 2005 Yale Environmental Sustainability Index (ESI), indicating the country's poor ability to ensure sustainable development of its natural resources. The country, one of the 17 megadiverse countries in the world which together account for up to 80% of Earth's biodiversity, only ranked higher than countries like Haiti, Pakistan, Iran, Sudan, Iraq and North Korea.
Nevertheless the Supreme Court (SC) ruling allows foreign companies to conduct mining operations in the country which is expected to boost economic activity in the rural areas and ensure foreign investments needed to to attain fiscal stability. The Philippine Supreme Court had ruled as early as 2003 that a mining operation in the country could be 100% foreign-owned. Accordingly, interested mining investors should gain the acceptance of the local community where they intend to undertake mining operations. The need for the go-signal of the concerned community is contained in the social acceptability clause of the DENR before any enterprise could stake its claim on a mining site anywhere in the Philippines. Those intending to dig for part of the Philippine-trillion dollars should start negotiating with the concerned communities early on, especially on the issue of environment preservation.
I believe, ban on mining is not the answer but the standards and safeguards already in place and existing law must be strictly enforced. What really brought this country down was governance. We have rich biodiversity but we don't unite together instead we always divide. So how can we put the money where our mouth is, when greed and gluttony surrounds?
The Filipino people represented by the state are the owners of the country's mineral deposits. Since the state does not have the financial and technical capabilities to extract its mineral deposits, it enters into agreement with mining contractors to help extract its own wealth. Opening the windows of opportunity to international groups will certainly bring vital investments. It would be unfair to our people if our mineral potential is not realized as this is clearly a source of employment and development.
We are aware that there had been environmental degradation left by previous mining operations in the past resulting in environmental accidents. Some have caused irreparable damaged to the country's environment and the massive displacement of indegenous peoples, farmers and fisher folk.
The government must learn the lessons well. I hope there are proper regulations in place to protect the sites and the communities around them from the negative effects of mining.
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Transcript Editor, Marketing Officer-podwriter transcriptions, Event organizer, Entrepreneur, owner of memokitchen.com site at memokitchen.com
Transcript Editor, Marketing Officer-podwriter transcriptions, Event organizer, Entrepreneur, owner of memokitchen.com site at memokitchen.com
WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER
WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER
WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER
WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER