MANILA, Philippines - The mining industry in the Philippines is controversial again as the Aquino government issues a policy and pursue legislation on a potentially economically rewarding extractive business but a flashpoint for environmental and other stakeholder groups.
Below is a list of 9 key things to know the mining industry in the Philippines:
1. The Philippines is the fifth most mineral-rich country in the world for gold, nickel, copper, and chromite. It is home to the largest copper-gold deposit in the world. The Mines and Geosciences Bureau has estimated that the country has an estimated $840 billion worth of untapped mineral wealth.
2. All the regions (except NCR and ARMM) in the country allow mining operations. ARMM ceased issuing permits due to the on-going peace process between the Moro Islamic Liberation Front and the national government.
3. About 30 million hectares of land areas in the Philippines is deemed as possible areas for metallic minerals. Of these, only a small percentage has been covered by present mining permits.
4. The Philippines metal deposit is estimated at 21.5 billion metric tons and non- metallic minerals are at 19.3 billion metric tons.
5. Labor department statistics show that mining in the Philippines has created 211,000 jobs in 2011 alone. The figures have doubled since 2006.
6. The mining industry's gross production value has consistently increased through the years. In 2010, the mining industry reached $3.2 billion.
7. The Mining Act of 1995 allows for foreign ownership of mining assets and exploration permits. The Supreme Court upheld the constitutionality of the foreign investors' participation in mining activities in 2004.
8. Mining tax is low at 2% for metallic and non-metallic minerals. The current Aquino administration, however, wants to increase revenues through an additional 5% royalty tax for mining permits within mining reservation areas and increase the filing fee charges.
9. There are a total of 1,828 mining applications in the country, which will be directly affected by the Executive Order from the Aquino administration that does not allow new mining permits. - Rappler.com
For the existing mining contracts in the Philippines, view this #WhyMining map.
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