The Philippines has mineral reserves estimated to be worth
3rd largest global mineral endowment & 4th largest global copper mineral
The Philippine continues to grow despite the economic crisis
The Philippines Mining Act of 1995 has helped drive foreign direct investment into the area. Due to low corporate tax rates and supportive, mining-friendly legislations, FDI reached $11.3 billion in 2010. Foreign companies exploring and operating in the country, include:
Revenue from mining projects and associated activities contribute to improving the quality of life of host communities, helps create employment opportunities for community members, and contributes to national GDP. Large-scale and organized mining has created over 2 million direct and indirect jobs and more than doubled government revenues, totalling Php14 billion.St. Augustine’s King-king deposit is one of the top priority projects by the Philippines Mines and Geosciences Bureau.
Agriculture and small-scale mining represent the main sources of income for communities in the Compostela Valley. While Mindanao holds more than 1/3 of the country’s gold, the region’s unemployment rate remains high at 12.6% and about 50-90% of local communities earn less than 5,000 Philippine pesos per month, an equivalent of approximately $125CAD.As per the Mining Act, mining companies are required to reserve 1.5% of their OpEx to local community investments, including education, employment and health care initiatives. Through continued investment on Mindanao, companies like St. Augustine are able to contribute to the socio-economic development of local communities, effectively providing education and employment opportunities.
Since the ratification of the Mining Act in 2005, the Philippine extractive industry has helped stimulate the nation’s economy.
In the second half of 2011, President Aquino’s administration announced a stimulus effort and increased spending on infrastructure throughout 2012. Furthermore, Aquino’s first budget emphasized spending on health, education, and social support, greatly relying on private sector revenues to finance these new projects. Since Aquino entered office in 2010, the Philippines has received several rating upgrades on its sovereign debt and is now close to investment grade.
|Learn more about St. Augustine’s Corporate Responsibility Initiatives