Mining clampdown worries investors

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Date: 19 Oct 2016

Mining Clampdown

MANILA, Philippines – The Department of Environment and Natural Resources (DENR) is sending the wrong signals to investors with its pronouncements seen harming what should be an attractive Philippine mining industry, an official of the Philippine Chamber of Commerce and Industry (PCCI)’s mining committee warned.

“It destroys the image of the Philippines from an investment standpoint,” PCCI mining committee co-chairman Jose Leviste said in an interview yesterday.

“We are concerned about the pronouncements of DENR, particularly the announcement the other day when 23 mining companies are recommended for suspension,” he added.

Leviste said such suspension orders are causing concerns for the industry, particularly to those looking to invest in the country.

“Mining investors of course will have second thoughts about the Philippines.  For those of us who are here already, we are familiar with the dynamics of Philippine business but to those who will come in of course are getting nervous,” he said.

According to Leviste, the Philippines has the potential to be the Chile of Southeast Asia when it comes to its industry of mining.

 

Source: Philippine Star

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