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Lifting of the mining prohibition to bring in a new era of manufacturing

MANILA, Philippines β€” According to the Australia Philippine Business Council (APBC), relaxing the open-pit mining restriction will have ramifications in other industries such as manufacturing.

The government’s move to lift the moratorium, according to APBC, will resuscitate the mining industry, bring in the country’s manufacturing renaissance, and increase investors’ trust in the Philippines.

“In December 2021, the Philippines repealed a four-year moratorium on open-pit mining for copper, gold, silver, and complex ores. This came seven months after the 2012 prohibition on new mining deals was lifted. “These improvements are likely to bring major advantages to the economy, including a rebound in manufacturing and increased investor confidence,” according to the APBC.

The lifting of the moratorium, according to APBC President Rene Cabrera, will allow the Philippines and Australia to strengthen their mining partnerships even further.

“Mining is one business where Australia and the Philippines fully complement one another. The Philippines has large undeveloped natural resources, and Australia is a world leader in mineral development and production, with responsible mining techniques that the Philippine government and community seek. Cabrera stated, “The possibility for rewarding opportunities has always been there.”

Jose Leviste Jr., an APBC special advisor and former head of OceanaGold Philippines, said Australian companies are “well-positioned to profit from these developments” in the Philippine mining industry.

Mineral exploration, mining equipment supply, engineering services, specialized software, and industry education and training are among the areas of opportunity, according to Leviste.

According to APBC, the mining industry’s prospects are mostly unexplored, despite the fact that the country’s mineral resources are valued at USD1.3 trillion.

The copper industry is one of five main areas highlighted in the Department of Trade and Industry’s (DTI) Make It Happen in the Philippines investment drive, despite the Philippines having the world’s fourth-largest copper reserves.

The DTI wants to entice international firms to invest in integrated facilities that include everything from copper extraction to high-value copper product production.

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