Mining, steel sectors seen boosting GDP growth over 7%

The Philippines will lift economic growth rate beyond seven percent by unleashing the huge potential of mining and revitalizing the steel industry, a local industry expert said.

Department of Science and Technology- Philippine Council for Industry, Energy and Emerging Technology Research and Development ( DOST- PCIEERD) executive director and concurrently convenor of the Philippine Business for Environmental Stewardship (PBEST) Dr. C.P. David said having a strong mining and steel sector is crucial for the development of the economy.

“Inconsistent policies and the lack of a long- term development agenda for the country’s natural resources has delayed the efficient harnessing of an estimated $1.4 trillion in mineral reserves, hence we see the urgent need to partner with the mining industry in a series of research projects to develop a long term national roadmap that will integrate the development of mining, steel and other downstream industries,” he said.

“This potential will have a multi-industry multiplier effect that would benefit a wide spectrum of the economy in terms of jobs, revenues and taxes for the government,” said David.

The strategic role and potential of the mining industry and issues blocking the revitalization of vital industries such as steel and manufacturing were tackled during a workshop held recently with the DOSTPCIEERD, the mining industry, academe, environmental advocates and organized by the Stratbase ADR Institute in partnership with PBEST.

“Understanding the complex issues of mining while balancing the environmental protection and economic development must be based on sound scientific study and data. We need to tap the expertise and resources of the private sector to work closely with government to ensure that the government comes up with right policies,” said Ysan Castillo, PBEST secretary general.

The workshop recognized the need to integrate a longterm strategic roadmap for the efficient harnessing of the country’s rich natural resources in the context of responsible mining and responsible environmental stewardship.

A memorandum of agreement will launch the new partnership of the DOST-PCIEERD and Chamber of Mines, with initial research projects such as Value Adding in Nickel Laterite Exports and Black Sand Mining to Revitalize the Steel Industry, Waste Management and Environmental Technologies.

The outputs of the workshop will be integrated in a memorandum of agreement between DOST-PCIEERD and the Chamber of Mines of the Philippines, which will launch a series of research projects to develop the industry.