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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – The country’s biggest mining concern said it may shift investments overseas should the government’s new policy on the sector prove unfavorable to domestic operations.
Michael Toledo, corporate affairs and government relations head of Philex Mining Corp., said the company is expanding, with a view to investing more abroad, particularly in Indonesia and Myanmar.
"We should also be careful in the way we craft our policies that we might be under the impression that minerals are only found in this place," Toledo said.
"If it's not feasible for an industry, developer or company to put their money here because they can't get back their investment, obviously they will just look for some other place which is really sad because we are sitting on trillions of dollars worth of resources just waiting to be tapped," he added.
The executive said only 1.5 percent of the country’s untapped mineral resources is covered by mining permits.
President Benigno Aquino III earlier said he would issue by end-February an executive order detailing his administration’s mining policy.
Finance Secretary Cesar V. Purisima, who heads the President’s economic team, had said the government was partial to maximizing financial or technical assistance agreements (FTAAs) since these provide the state a bigger 50 percent share in revenues, as against the overused mining production sharing agreements (MPSAs), which earn for the government a two percent excise tax.
Toledo said Philex is open for discussions so the issue is resolved “equitably” with all stakeholders benefiting from the Palace order.
“We believe the government will stick to its promises of being an enabler of business rather than a hindrance,” he said.
Philex chairman Manuel V. Pangilinan earlier expressed concerns over the draft Palace order, particularly a clause declaring a moratorium on the issuance of new mining licenses, which could delay the company’s $1-billion Silangan copper-gold project in Surigao del Norte.
Philex expects to hit its P5 billion profit guidance on higher metal prices.
