PBBM Highlights PH’s Rich Mineral Resources, Calls For Mining Fiscal Reforms

President Ferdinand Marcos Jr. highlighted the Philippines’ abundant critical mineral resources—especially those in demand as the world transitions to clean energy—while renewing his call for the enactment of the proposed Rationalization of the Mining Fiscal Regime bill.

Marcos also emphasized the crucial role of the Department of Environment and Natural Resources (DENR) in enforcing these regulations to foster responsible mining practices. I Photo: Bongbong Marcos Facebook

“The Philippines, as one of the most mineral-rich countries in the world, has a unique opportunity to leverage its natural resources for national development,” he stated during his speech at the 2023 Philippine Mineral Industry Environmental Award (PMIEA) ceremony in Malacañang on October 16.

“But this can only be done if we ensure that the wealth we generate is shared equitably, that our ecosystems are safeguarded, and that local communities are empowered,” he added.

The Department of Science and Technology (DOST) noted in a document, “The Philippines is one of the few countries richly blessed with mineral resources, with an estimated US$1 trillion worth of untapped mineral reserves…”

President Marcos remarked, “As the world transitions to clean energy, the demand for critical minerals is surging. And in the emerging landscape, our country’s abundant resources place us in a prime position to lead the way.”

“But to truly harness this potential, we must invest in the infrastructure and technology required to process these minerals domestically. At the same time, it is imperative that we adopt mining practices that prioritize the environment to ensure that our extraction processes are clean, efficient, and restore the land that has been mined,” the chief executive emphasized.

The president reiterated his call for the enactment of the proposed Rationalization of the Mining Fiscal Regime bill, which aims to reinforce sustainable mining practices and ensure fair regulations in the Philippine mining sector.

“I urge all our dedicated agencies and esteemed members of Congress to support the Rationalization of the Mining Fiscal Regime. This crucial bill, which I highlighted in my 2023 SONA, is fundamental to creating a fair and equitable mining environment for everyone involved,” he said.

Marcos also emphasized the crucial role of the Department of Environment and Natural Resources (DENR) in enforcing these regulations to foster responsible mining practices.

He acknowledged the implementation of related policies to achieve these goals. “With the continued partnership among the government, industry, and local communities, there is no doubt that the Bagong Pilipinas will emerge as a global leader in responsible mining,” he concluded.