Leverage foreign investments in mining for key projects - Angara
Manila (1 November) -- Senator Edgardo J. Angara, Chair of the Congressional Commission on Science Technology and Engineering (COMSTE) called for a strategic plan that would enable the country to take advantage of Foreign Direct Investments (FDI's), specifically in mining, while ensuring the protection of natural habitats and indigenous communities.
Angara said that with the mining boom, the potential for S&T development is enormous. Benjamin Romualdez, President of the Chamber of Mines of the Philippines reported that there are 19 large mining projects lined up with a total investment of nearly $13 Billion.
Romualdez noted that the growth of the mining industry in the country is translated to over $3 Billion to the economy.
"By strategizing our policies, we can take advantage of the situation and benefit from possible technology transfer and job creation brought by new and expanding mining projects," said Angara.
COMSTE has identified possible areas that can profit from investments in mining, such as the supplying highly skilled engineers and tech workers, creating supply companies to support mining operations, biodiversity studies and even environmental labs that can study and treat waste water.
Angara noted that there are potentially thousands of jobs that can be created if we can position ourselves and leverage the billions of dollars into projects that can expand along with mining operations.
The 2010 Investment Priorities Plan lists mining activities, which are entitled to income tax holidays and duty-free importation of capital equipment. Direct employment from mining in the 1st quarter of 2010 is listed at 192,000 jobs. (COMSTE) [top]