Environment groups still optimistic about mining
A coalition of environmental groups said investors need not worry about the current situation of the local mining industry contrary to what stakeholders claim that the government’s strict stance was sending the wrong signals to the global investment community.
The Green Thumb Coalition (GTC), a nationwide network of around 40 non-government organizations and civil society groups, said investors who play by the rules and put the environment alongside business interest, have no reason to worry about investing in the mining industry.
This was in response to the claims of the Philippine Chamber of Commerce and Industry (PCCI) that the Department of Environment and Natural Resources’ recent pronouncements were putting the Philippines in a bad light from an investment standpoint.
Environment Secretary Gina Lopez ordered an intensified audit on all mining firms to determine their compliance with environmental standards. So far, the DENR has suspended 10 firms and another 20 may face suspension.
“If investors make sure that the companies they fund follow the rules, they have nothing to be afraid of. Rather, they should be glad that the playing field is being changed for the
benefit of better investment prospects which do not sacrifice sustainability and rights for the sake of profit,” GTC convener Gerry Arances said.
“A strong and strict execution of prevailing laws will only strike fear among those corporations which aim to cut costs by disregarding the welfare of affected communities and the country as a whole,” he added.
But the Chamber of Mines of the Philippines thinks otherwise.
“If we are to take Secretary Lopez’s statement, investors really have something to worry about. Any investor would be worried because mining is not just a million industry. There is definitely a cause for concern on any investor in the mining industry,” COMP legal and policy vice president Ronald Recidoro told The STAR. “There should be clear signals from the government and with its policies. The worry here is not the law, the worry here is the implementor (Lopez),” he added.
COMP reported that over $30 billion is expected to be invested in the local mining industry in the next five to 10 years, majority of which are in Mindanao.