BAGUIO CITY – The country can realize the desired 8 to 10 percent growth in the economy and achieve a sustainable inclusive growth once the national government will be able to maximize and utilize bulk of its existing 9 million hectares of identified potential mineral resources, business tycoon Manuel V. Pangilinan said here Tuesday.
Pangilinan was the guest of honor and speaker during the simple but meaningful program prepared by the city government for the celebration of the 106th Charter anniversary of Baguio City, the c country’s undisputed Summer Capital.
“We have to put value to our natural resources because the imposition of excessive taxation to mining might result to a much difficult situation wherein the country will have to import from other mineral-producing countries the minerals that are located underneath,” Pangilinan stressed.
He revealed mining only contributes 1 percent to the country’s overall economic growth because only 1.5 percent of the country’s potential mineralized land area is being explored and developed by existing multinational companies.
According to him, revitalizing the country’s mineral industry would contribute in significantly uplifting the state of the country’s economy and would cascade the economic gains to the grassroots level through the enhanced inclusive growth.
Earlier, economists pointed out that in order for the people on the ground to realize the effects of gains in the country’s economy, the growth rate should be sustained at 8 to 10 percent annually for the next five years.
Panglinan challenged government regulators to reconsider the imposition of excessive taxes on mining because it will result to more serious problems that will translate to the closure of mines and will deprive millions of individuals of sustainable employment, benefits of local governments among others.
He claimed the country can be able to realize the status of mineral-rich countries like Australia where the contribution of mining was pegged at $137 billion, Canada at $42 billion and the United States at a whooping $1.3 trillion among other similarly situated countries.
Pangilinan, who is the chairman of the Philex Mining Corporation, the country’s major gold and copper producer based in nearby Padcal, Camp 3 Tuba, Benguet, said the country’s rich mineral reserves must be responsibly exploited and developed through the active participation of host communities and local governments, striking a balance between efforts to preserve and protect the environment and the rich cultural heritage of indigenous peoples and the country’s projected economic growth in order to be able to achieve inclusive growth for the people.
Pangilinan underscored in his message the need to cascade to the grassroots level the gains of the country’s economy for them to be able to uplift their living condition and move them out from the shackles of poverty that have confronted them through the past several decades.
He asserted mining is one of the most vibrant sectors of the country’s economy that could contribute in sustaining the economic gains of the present administration that has committed to improve the lives of the people through inclusive growth that will ultimately uplift the status of the country from a third world nation to a developed country in the coming years.
By Dexter A. See
