The Chamber of Mines of the Philippines asked the government to ensure stable policies to continue attracting investors in the mining industry.
“We want to attract the large, responsible multinational mining companies with a lot of resources and know-how, but to be able to do that, we need to have policies that are consistent and don’t change,” CoMP vice chairman Gerard Brimo said during the Pilipinas Conference 2022.
Brimo said the mining industry was underperforming because of the 12-year moratorium on new mining permits. He said while this was lifted, the industry was essentially “in limbo in terms of growth.”
“So, what we need here is to see stability in policies,” said Brimo, who also mentioned the issues involving mining taxes.
Brimo said a multinational company came to the Philippines looking for opportunities after the lifting of the moratorium on new mining permits and the open pit ban. “But here comes in the news that our mining taxes will go up…They looked at that and said what the heck is this. The Philippines again is going to change the policies again,” he said.