President Rodrigo Roa Duterte wants to stop the exportation of mineral resources to foreign nations and instead, put up factories and manufacturing establishments that will locally process raw materials extracted from the mining operations in the country.
In his second State of the Nation Address last July 24, the President said that raw materials from the mining operations in the country should be converted into finished products for "international and local purposes" instead of exporting them and to be later brought back to the country as finished products, three times the price.
Through local processing "not only the rich, but the poor who are many, who will benefit from it," President Duterte said, referring to the potential income and employment that would be generated by the mining and manufacturing industries.
The President also gave a stern warning to mining companies to follow mining policies and protect the environment and refrain from destructing lands, watersheds and forest resources. Mining companies will also be held responsible for the restoration of areas damaged by their mining activities, including the community and its livelihood.
"Extreme care must be exercised in extraction of minerals. Protection of environment must be made a priority ahead of mining and other activities," the President emphasized.
He also warned the mining companies to declare income and pay correct taxes, or else they will be dealt with accordingly.
By: Mineral Economics, Information and Publications Division
- Published: 25 July 2017