Philippine mining dev't corp now under DENR
Tacloban City (February 1) -- Through Executive Order No. 689 signed by President Gloria Macapagal Arroyo on December 27, 2007, the Philippine Mining Development Corporation has been transferred from the Office of the President to the Department of Environment and Natural Resources.
The transfer was effected in order to closely monitor and oversee the efficient and effective implementation of the country's utilization and development of its mineral resources.
The Philippine Mining Development Corporation, formerly the Natural Resources Mining Development Corporation, is a government owned and controlled corporation primarily tasked to conduct and carry the business of exploring, developing, mining, smelting and producing, transporting, storing, distributing, exchanging, selling, disposing, importing, exporting, trading and promotion of gold, silver, copper, iron and all kinds of mineral deposits and substances.
The Philippine Mining Development Corporation is in charge of opening to serious investors for possible development some 65 non-performing mining tenements in the country that were previously cancelled, covering a total of 68,000 hectares of mineral lands.
Mining activities, observed to be already in the uptrend, are expected to further increase this year and next year with more foreign direct investment flowing into the country.
The Arroyo Administration has always pushed for sustainable development in the mining sector while adhering to the principles of responsible mining, strict enforcement of environmental and mining laws, protection for indigenous peoples and sharing of benefits for all stakeholders.
The Philippines is considered as the world' fifth most minerals-endowed nation. (PIA 8) [top]