Mining Industry Revival to Boost Gov't Revenues
Byline: BERNIE CAHILES-MAGKILAT
The projected revival of the local mining industry is expected to generate P21 billion in annual tax revenues in the next five years, a huge contribution to the governments effort at balancing the national budget within the six year term of President Gloria Arroyo.
This was the estimate of Trade and Industry Secretary Cesar V. Purisima based on the expected $3.2 billion in mining investments in the next five years and its export potential of $1.2 billion annually.
"The revival of the mining industry will definitely spur the development of the countrys economy," Purisima said.
On top of these revenue generation, the new projects are expected to employ 6,000 direct workers and 36,000 indirect workers, he said.
At present, there are seven major mining projects. These are the Lepanto Consolidated Mining Corp. (Victoria Gold Mine) in Mankayan, Benguet; Philex Mining Corp., Padcal Mine in Tuba, Benguet; Rio Tuba Nickel Mine in Rio Tuba , Bataraza, Palawan; Cagdianao Mining Corp. in Surigaop del Norte; Taganito Mining Corp. in Surigao del Norte; Krominco Mining Corp. in Surigao del Norte; and Benguet Corporation in Masinloc, Zambales.
There are also 12 mining projects in the pipeline which include Rapu-Rapu Polymetallic Project of La Fayette Phils. Inc. in Albay; Rio Tuba HPAL project of Rio Tuba Mining Corp. in Palawan; and Diwalwal Direct State Utilization Project of the government in Compostela, Valley, Davao del Norte.
In the medium term, four large scale mining projects will provide additional boom to the sector. …