PMEA Blog

In the first half of 2008 the Philippine government took a bullish position on the potential for new investment
and development in the local mining industry. Private sector miners were on the whole much more cautious, however. In April presidential press secretary Ignacio Bunye gave the upbeat view. He noted significant interest and investment from foreign majors since a 2005 Supreme Court ruling that clarified ownership rights and opened up the industry. Total foreign investment in mining in 2004-2008 had been US$1.4bn. and Bunye expected another US$9bn to be invested by 2011, with the bulk of the money coming in between 2008 and 2010. By 2011 mineral shipments would be close to 6.5% of total exports, enough for the Philippines to be classified as a mining country based on World Bank standards.

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