The global economy’s move towards a more sustainable and greener environment will significantly increase the demand for mineral resources. Economies are set to boost their climate-resilient and sustainable future commitments that include integrating more green investments and technological innovations. According to the World Bank, over 3 billion tons of minerals and metals will be needed to deploy wind, solar, and geothermal power, as well as energy storage, which are needed to achieve a below 2°C future. 

The Philippine mining industry is greatly encouraged by the PBBM administration’s renewed interest in optimizing the potential of the country’s mineral resources. It has promising economic and social values and supports many local industries and, at the same time, influences the global value chain. The industry is poised to perform well in 2024 due to the demand for transition minerals, driven by the renewable energy industry. With the potential for further growth, the mining industry can boost government revenues, help create sustainable livelihoods, and strengthen resilience against environmental and health challenges. 

As such, the mining industry must be supported to harness the country’s untapped mineral resources. Strategies include prioritizing investment projects in the mining industry, introducing added-value processes to support the industry’s competitiveness in the global demand for minerals used for renewable energy, and creating mining economic zones that will facilitate the permitting and regulation of mining projects.  

Moreover, to fully realize the industry’s potential and effectively seize global opportunities, the policy environment should be more stable and conducive for mineral development investments. A progressive and competitive mining fiscal regime should be passed into law, harmonizing national and local mining taxation. Such strategies will encourage the entry of the right investors with the most advanced technologies, methodologies, and proven track record compliant to internationally accepted responsible mining practices. 

Hence, to better prepare the country to seize the enormous opportunities of a global critical mineral boom, the Stratbase ADR Institute, together with the Department of Environment and Natural Resources (DENR), organized a hybrid event entitled, “Revitalizing the Philippine Mining Industry: A Pillar for Inclusive and Resilient Economic Growth and Development”, held on 10 May 2024, Friday, from 9:00 AM to 5:00 PM (PHT) at the Legaspi Ballroom, Makati Diamond Residences and livestreamed via Zoom. 

This hybrid event brought together industry experts and stakeholders to work closely with the government on actionable policy reforms that will address regulatory roadblocks in transforming the Philippines into an important player in the green global economy.