Trillion-Dollar Philippine Economic Goldmine Emerging!

Forbes Asia recent analysis identifies the Philippines as holding the second most gold reserves worldwide.

The Manila government want mining to further boost the economy and drive GDP up putting the Philippines as the undisputed leader in economic growth.  Executive Order 2012 is awaiting Congressional approval and once passed will lead to more applications to mine in return for higher taxes on morning companies.

Filipinos are rightly sensitive about the destruction of their unique environment and government will have to be careful and sensitive in order to protect vital natural wonders spread throughout the country.

Foreign companies already active in the country’s 35 commercial-scale mines feature Australian-based OceanaGold, which employees 1,800 people to extracts copper and gold from the Didipio Mine on Luzon Island north of Manila. It began commercial mining two years ago and expects production of 100,000 ounces of gold and 14,000 tons of copper over 16 years. Also on Luzon Island, UK-based Metals Exploration has owned the Runruno Gold-Molybdenum Project since 2005 with a defined mineral resource of 1.39 million ounces of gold.

Is it time for the Philippines to exploit it’s natural resources?  

More jobs and improving the living standards and wages of workers has to be a good thing but that has to be balanced with protective policies for the environment.

Yet again more evidence that the Philippines is a stronger and safer long term investment than most other economies.