Aquino leads commemoration of Presidential Security Group's 26th Anniversary
President Benigno S. Aquino III led the commemorative rites marking the 26th Founding Anniversary of the Presidential Security Group at the PSG's headquarters in Malacañang Park, Manila on Thursday.
Joining the President were Defense Secretary Voltaire Gazmin, PSG Commander Colonel Ramon Mateo Dizon and other national and local government officials led by Manila Mayor Alfredo Lim.
Upon his arrival at the PSG Grandstand, President Aquino was accorded full military honors by PSG troops led by Troop Commander Col. Nestor Herico.
The President then led the presentation of plaques of recognition to the top PSG personnel for 2011 as well as citations to private individuals “for their unwavering support and assistance to the PSG.
The Best PSG Personnel for 2011 are: Major Alfonso Ileto, Organic Officer of the Year; Maj. Paulo Teodoro, Operational Control Officer of the Year; Technical Sargeant Gerardo Mercado and SPO4 Bernardo Maglaya, Organic Enlisted Personnel of the Year; and Estrella Tabinas, Civilian Employee of the Year.
The individuals honored by the PSG are: Social Secretary Susan Reyes for facilitation the conduct of the traditional Dinner Ball of the PSG; Radio and Television Malacañang (RTVM) Executive Director Virgilio Nadal, Jr. for assisting the different media networks during presidential engagements in support of the various Security Task Action Groups;
Presidential Management Staff – Office for Regional Concerns Assistant Director Henry Abella for leading the overall planning and preparation of all presidential engagements and requirements of the PSG; and, San Miguel CEO Ramon Ang for his generosity in providing relief goods and supplies for the numerous outreach programs of the PSG.
To signify their profound thanks to the President, the PSG presented the Chief Executive with a molded resin replica of a PSG Beret which symbolizes the PSG's commitment to protect the President of the Republic of the Philippines. (PCOO)
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President Aquino cites former PSG chief for bringing honor back to troops
President Benigno S. Aquino III cited Defense Secretary Voltaire Gazmin for bringing back honor to the Presidential Security Group through reforms he implemented when he was the group's commander in 1986.
The President said that when it was still serving former President Ferdinand Marcos, the PSG, then known as the Presidential Security Command, was revered as a fearsome entity that followed the whims and caprices of a dictator.
“Noong panahon ng Martial Law, naging reputasyon noon ng Presidential Security Command ang pagiging tagapagtanggol ng diktadurya, at pagiging panakot ni Marcos sa mga kontra sa kanyang utos,' the President said.
“Kaya naman nang magtagumpay ang EDSA at mabawi ang demokrasya, sinikap ding baguhin ang pananaw ng publiko sa mga sundalo. Dito nga po binuo ng aking Ina ang PSG, sa ilalim ng pamumuno ni Secretary Volts Gazmin,” he added.
The President noted that under Gazmin's command, the PSG changed its image to be well-loved by the people as the main defender of the President of the Republic, particularly his mother, the late former President Corazon C. Aquino, who survived nine attempts to oust her.
“Dumaan man sa mga pagsubok, matagumpay pa ring nailapit ni Secretary Gazmin ang PSG sa taumbayan at naipagtanggol ang administrasyon ng aking Ina mula sa siyam na pagtatangkang kudeta, dalawa po rito ay humantong sa matinding bakbakan. Personal po akong nagpapasalamat sa PSG,” the President said.
“Nagbunga nga po ang pagsisikap ni Secretary Gazmin: ang dating kinasisindakan, naging katuwang sa serbisyo-publiko; ang dating kinatatakutan, di nag-aatubiling makipagkapwa-tao sa pagtupad ng trabaho. Ito ang naging matibay na pundasyon ng sumunod pang mga henerasyon ng PSG,” he said. (PCOO)
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Presidential Security Group 'key' to the success of reforms in government – Aquino
President Benigno S. Aquino III underscored the important role that members of the Presidential Security Group play in ensuring the success of his administration's advocacy to implement reforms that will finally rid corruption in government.
In his speech keynoting the 26th Founding Anniversary of the PSG in Manila on Thursday, the President cited the protection the PSG gives him and his family which, he said, allows him to focus more on governance.
“Buo ang loob ko, dahil kasama ko ang PSG—kayo na nagsisilbing kalasag ko laban sa mga nagtatangkang hadlangan ang isinusulong nating pagbabago. Patunay po ito na wala man kayo sa combat operations, napakahalaga ng inyong ginagampanang tungkulin,” the President said.
“Kayo po ang susi sa maayos kong pagtatrabaho upang maitaguyod ang karapat-dapat para sa mga Pilipino,” he stressed.
“Hindi lang po ako ang pinoprotektahan ninyo kundi pati na ang Tanggapan ng Pangulo, ang istitusyong nagsusulong sa nagkakaisang adhikain ng sambayanan. Kapag may nagtangkang agawin ang Malacañang, kayo ang unang sanggalang ng pamahalaan,” the President said.
The PSG traces its roots to March 1897 when it was created to protect General Emilio Aguinaldo, then President of the revolutionary government.
Since then, it has gone through several name changes under succeeding Presidents such as: Malacañang Guards (President Quezon), Presidential Guards (President Osmeña), Malacañang Secret Agents (President Quirino), Presidential Security Force (President Garcia), and Presidential Security Agency (President Diosdado Macapagal).
In 1986, the late former President Corazon Aquino disbanded the Presidential Security Command that served under former President Ferdinand Marcos, and replaced it with a leaner Presidential Security Group with then Army Colonel Voltaire Gazmin as its chief. (PCOO)
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Asian Development Bank sees Philippine economy growing by 5 percent this year
The Asian Development Bank (ADB) expects the Philippine economy to grow by 5 percent this year because of a more balanced economy, strong service sector as well as the robust remittance of the overseas Filipino workers (OFWs).
In a press conference on Thursday in Malacanang, ADB President Haruhiko Kuroda said the Philippine economy only grew 4 percent last year as a result of several global and regional events that affected the economy.
These include the devastating earthquake in Japan, the massive flooding in Thailand and the financial turmoil in Europe and the United States.
“But this year we expect around 5 percent growth in the Philippines and both in medium to long run the Philippine economy can grow to 6 to 7 percent,” Kuroda stressed.
Kuroda said he thinks the Philippines has achieved a balanced economy, adding that while exports are important to the economy, the country doesn’t solely rely on exports particularly on electronic products being shipped to US and Europe.
Aside from rebounding exports, Kuroda said the Philippines has a very strong services sector, outsourcing and also financial sectors, including the real-state sector.
The country also has 10 percent of the gross domestic product (GDP) coming from OFW remittances, the ADB official said as he expects the trend to continue increasing in a very robust way.
“So we expect that the Philippine economy will continue to grow not just depending on one item but on multiple items: exports, consumption, investments and so on and so forth. And that would probably continue to accelerate economic growth. The Philippines must have better infrastructure and better governance,” he said.
Also present during Thursday’s press conference were Finance Secretary Cesar Purisima and Washington Sycip, the finance department’s private sector adviser, and other representatives from the business sector. (PCOO)
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Aquino receives Asian Development Bank President in Malacanang
President Benigno S. Aquino III met on Thursday with Asian Development Bank (ADB) president Haruhiko Kuroda as part of the preparations for its 45th Annual Meeting which will take place on May 2-5, 2012 in Manila.
During his meeting with President Aquino in Malacañang Palace, Kuroda, the concurrent chairperson of the ADB's Board of Directors, took the opportunity to commend the Philippine government for its focus on government reforms.
"Good governance is essential for ensuring sustained, high inclusive growth and creating an environment for a competitive private sector. The mutual commitment of both the government and the ADB to good governance is reflected in the theme of this year's Annual Meeting - "Inclusive Growth through Better Governance and Partnerships," Kuroda said in a statement.
After his meeting with the Chief Executive, Kuroda joined Finance Secretary Cesar Purisima, Chinese-Filipino accountant Washington Sycip and Management Association of the Philippines president Ed Francisco in a press briefing at the New Executive Building in Malacanang.
"The Philippines takes pride in hosting the 45th annual meeting of the ADB. We expect over 4,000 delegates to come to the Philippines and attend the conference and the other events,” said Purisima. This meeting is really in alignment with the program of President Aquino which is to bring better governance to the Philippines aimed at the theory that good governance is good economics."
Finance ministers and central bank governors, representatives from international organizations, private sector, civil society, and global media are also expected to attend the ADB’s annual meeting.
"I am pleased with the significant support being given to us by the government of the Philippines. The Philippines is, of course, a founding member of the ADB. Over the years, our institution and thousands of ADB staff have built strong and enduring ties in the Philippines. We very much appreciate the efforts the country had made to provide us with a welcoming and hospitable environment in which we carry out our mission and share the vision of poverty reduction," Kuroda said.
He said they also appreciate the opportunity to support the Philippines’ ongoing effort to improve the lives of its people.
"The ADB’s country partnership strategy for the Philippines is realigned with the government’s development plan for 2011 to 2016," Kuroda said.
The Governors' Seminar which is part of ADB’s annual meeting will focus on Asia's response to the global economic crisis. Other seminar topics and panel discussions include new models for green growth in the regions, how to protect vulnerable cities, how to deliver financial services to the world's poor, and how to feed the world in an age of growing demand for food, feed and fuel.
Asian Development Bank, established in 1966, is based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. (PCOO)
.
Govt must focus on infra development, good governance to ensure continuing growth -- ADB says
The Philippines should continue to improve its infrastructure development and reform program to ensure continuing economic growth in the long term, according to an Asian Development Bank (ADB) official.
ADB president Haruhiko Kuroda said in a press conference in Malacanang on Thursday that they expect the Philippine economy to continue to grow because of several contributing factors such as exports, consumption, investments and many others.
“And that would probably continue to accelerate economic growth. The Philippine must have better infrastructure and better governance. The Philippines must have better and more infrastructure to accelerate economic growth, to accelerate poverty reduction in coming years,” he said.
The ADB is working with the Philippine government to improve governance and infrastructure, Kuroda said as he underscored the importance of infrastructure development being the backbone of the country’s economic growth.
Among the infrastructures that should be developed by the Aquino government are transportation, energy, water and telecommunications, Kuroda stressed.
The Aquino administration announced last month that it allocated P19.6 billion in counterpart funds for the government’s Public-Private Partnership program for 2012, a 56.8-percent increase from 2011’s P12.5-billion counterpart budget.
Budget Secretary Florencio Abad said the increased funding for public-private partnerships will help fill up infrastructure gaps and optimize economic growth.
The government hopes not just to increase private participation in key sectors but also boost the government’s ability to respond to high demand public services by providing ample counterpart funding for PPP projects, Abad added.
Of the P19.6-billion allocation, the Budget Department allotted P8.6 billion to the Department of Transportation and Communications (DOTC). A total of P6.6 billion of its total budget will be used to fund six PPP projects that include the development programs for the New Legazpi Airport in Albay, Panglao Airport in Bohol, and the Puerto Princesa Airport in Palawan.
Other DOTC projects also include the LRT Line 1 south extension and Privatization, the MRT/LRT Common Ticketing Project, and the department’s Project Development Fund. (PCOO)
.
Aquino government is reviewing country’s mining law – Malacanang says
The Aquino administration is presently reviewing the country's mining law to remedy the loopholes in a bid to encourage more investors.
During the press briefing in Malacanang on Thursday, Finance Secretary Cesar Purisima said the mining companies are looking at those areas that have historical track record of mineral resources.
"Obviously, they look at those that have historical track records of mineral resources of which the Philippines is considered the fifth most mineralized country in the world based on a United Nations study," Purisima said.
"They will also look at the stability of government and laws that cover that area and how well-defined they are. And since our effort is to make sure that we define this better, and clarify various rules that were vague and were conflicting," he said.
The government is pushing efforts for the crafting of the new regulatory environment policies that will be better for mining investors.
"The goal of President Aquino is to make doing business in the Philippines more efficient, easier for those that are not as familiar as local businessmen," he said.
"In reviewing the policy, the President emphasized the need to make sure that we consult all the stakeholders. And, you know, unfortunately the consultation process took longer than planned. So we’re going through that process right now and sooner hopefully than later, we’ll come out with a new summary of how we’re going to implement the current mining rules," the Finance Secretary said.
He noted that the mining industry remains one of the areas that can increase the economic growth of the country.
"Unfortunately in the past, the way the laws were implemented, it was not a true win-win situation, where the government actually was not able to get its fair share from mining activities. Last year, if my memory serves me right, the total collection from the mining industry mounted to just a little over two billion pesos. Our total revenue was over how much? 1.2-trillion," he stressed.
The amendment of the mining law will pave the way for the government to look at various models and alternatives in the hope to address interests of the different sectors.
"The Philippines is a country that’s blessed with mineral wealth. And it’s very important that in harnessing this mineral wealth, we do it in a responsible manner that will not only benefit the mining entities that actually participate but also the communities where the mines are in general," he said. (PCOO)
President Benigno S. Aquino III led the commemorative rites marking the 26th Founding Anniversary of the Presidential Security Group at the PSG's headquarters in Malacañang Park, Manila on Thursday.
Joining the President were Defense Secretary Voltaire Gazmin, PSG Commander Colonel Ramon Mateo Dizon and other national and local government officials led by Manila Mayor Alfredo Lim.
Upon his arrival at the PSG Grandstand, President Aquino was accorded full military honors by PSG troops led by Troop Commander Col. Nestor Herico.
The President then led the presentation of plaques of recognition to the top PSG personnel for 2011 as well as citations to private individuals “for their unwavering support and assistance to the PSG.
The Best PSG Personnel for 2011 are: Major Alfonso Ileto, Organic Officer of the Year; Maj. Paulo Teodoro, Operational Control Officer of the Year; Technical Sargeant Gerardo Mercado and SPO4 Bernardo Maglaya, Organic Enlisted Personnel of the Year; and Estrella Tabinas, Civilian Employee of the Year.
The individuals honored by the PSG are: Social Secretary Susan Reyes for facilitation the conduct of the traditional Dinner Ball of the PSG; Radio and Television Malacañang (RTVM) Executive Director Virgilio Nadal, Jr. for assisting the different media networks during presidential engagements in support of the various Security Task Action Groups;
Presidential Management Staff – Office for Regional Concerns Assistant Director Henry Abella for leading the overall planning and preparation of all presidential engagements and requirements of the PSG; and, San Miguel CEO Ramon Ang for his generosity in providing relief goods and supplies for the numerous outreach programs of the PSG.
To signify their profound thanks to the President, the PSG presented the Chief Executive with a molded resin replica of a PSG Beret which symbolizes the PSG's commitment to protect the President of the Republic of the Philippines. (PCOO)
.
President Aquino cites former PSG chief for bringing honor back to troops
President Benigno S. Aquino III cited Defense Secretary Voltaire Gazmin for bringing back honor to the Presidential Security Group through reforms he implemented when he was the group's commander in 1986.
The President said that when it was still serving former President Ferdinand Marcos, the PSG, then known as the Presidential Security Command, was revered as a fearsome entity that followed the whims and caprices of a dictator.
“Noong panahon ng Martial Law, naging reputasyon noon ng Presidential Security Command ang pagiging tagapagtanggol ng diktadurya, at pagiging panakot ni Marcos sa mga kontra sa kanyang utos,' the President said.
“Kaya naman nang magtagumpay ang EDSA at mabawi ang demokrasya, sinikap ding baguhin ang pananaw ng publiko sa mga sundalo. Dito nga po binuo ng aking Ina ang PSG, sa ilalim ng pamumuno ni Secretary Volts Gazmin,” he added.
The President noted that under Gazmin's command, the PSG changed its image to be well-loved by the people as the main defender of the President of the Republic, particularly his mother, the late former President Corazon C. Aquino, who survived nine attempts to oust her.
“Dumaan man sa mga pagsubok, matagumpay pa ring nailapit ni Secretary Gazmin ang PSG sa taumbayan at naipagtanggol ang administrasyon ng aking Ina mula sa siyam na pagtatangkang kudeta, dalawa po rito ay humantong sa matinding bakbakan. Personal po akong nagpapasalamat sa PSG,” the President said.
“Nagbunga nga po ang pagsisikap ni Secretary Gazmin: ang dating kinasisindakan, naging katuwang sa serbisyo-publiko; ang dating kinatatakutan, di nag-aatubiling makipagkapwa-tao sa pagtupad ng trabaho. Ito ang naging matibay na pundasyon ng sumunod pang mga henerasyon ng PSG,” he said. (PCOO)
.
Presidential Security Group 'key' to the success of reforms in government – Aquino
President Benigno S. Aquino III underscored the important role that members of the Presidential Security Group play in ensuring the success of his administration's advocacy to implement reforms that will finally rid corruption in government.
In his speech keynoting the 26th Founding Anniversary of the PSG in Manila on Thursday, the President cited the protection the PSG gives him and his family which, he said, allows him to focus more on governance.
“Buo ang loob ko, dahil kasama ko ang PSG—kayo na nagsisilbing kalasag ko laban sa mga nagtatangkang hadlangan ang isinusulong nating pagbabago. Patunay po ito na wala man kayo sa combat operations, napakahalaga ng inyong ginagampanang tungkulin,” the President said.
“Kayo po ang susi sa maayos kong pagtatrabaho upang maitaguyod ang karapat-dapat para sa mga Pilipino,” he stressed.
“Hindi lang po ako ang pinoprotektahan ninyo kundi pati na ang Tanggapan ng Pangulo, ang istitusyong nagsusulong sa nagkakaisang adhikain ng sambayanan. Kapag may nagtangkang agawin ang Malacañang, kayo ang unang sanggalang ng pamahalaan,” the President said.
The PSG traces its roots to March 1897 when it was created to protect General Emilio Aguinaldo, then President of the revolutionary government.
Since then, it has gone through several name changes under succeeding Presidents such as: Malacañang Guards (President Quezon), Presidential Guards (President Osmeña), Malacañang Secret Agents (President Quirino), Presidential Security Force (President Garcia), and Presidential Security Agency (President Diosdado Macapagal).
In 1986, the late former President Corazon Aquino disbanded the Presidential Security Command that served under former President Ferdinand Marcos, and replaced it with a leaner Presidential Security Group with then Army Colonel Voltaire Gazmin as its chief. (PCOO)
.
Asian Development Bank sees Philippine economy growing by 5 percent this year
The Asian Development Bank (ADB) expects the Philippine economy to grow by 5 percent this year because of a more balanced economy, strong service sector as well as the robust remittance of the overseas Filipino workers (OFWs).
In a press conference on Thursday in Malacanang, ADB President Haruhiko Kuroda said the Philippine economy only grew 4 percent last year as a result of several global and regional events that affected the economy.
These include the devastating earthquake in Japan, the massive flooding in Thailand and the financial turmoil in Europe and the United States.
“But this year we expect around 5 percent growth in the Philippines and both in medium to long run the Philippine economy can grow to 6 to 7 percent,” Kuroda stressed.
Kuroda said he thinks the Philippines has achieved a balanced economy, adding that while exports are important to the economy, the country doesn’t solely rely on exports particularly on electronic products being shipped to US and Europe.
Aside from rebounding exports, Kuroda said the Philippines has a very strong services sector, outsourcing and also financial sectors, including the real-state sector.
The country also has 10 percent of the gross domestic product (GDP) coming from OFW remittances, the ADB official said as he expects the trend to continue increasing in a very robust way.
“So we expect that the Philippine economy will continue to grow not just depending on one item but on multiple items: exports, consumption, investments and so on and so forth. And that would probably continue to accelerate economic growth. The Philippines must have better infrastructure and better governance,” he said.
Also present during Thursday’s press conference were Finance Secretary Cesar Purisima and Washington Sycip, the finance department’s private sector adviser, and other representatives from the business sector. (PCOO)
.
Aquino receives Asian Development Bank President in Malacanang
President Benigno S. Aquino III met on Thursday with Asian Development Bank (ADB) president Haruhiko Kuroda as part of the preparations for its 45th Annual Meeting which will take place on May 2-5, 2012 in Manila.
During his meeting with President Aquino in Malacañang Palace, Kuroda, the concurrent chairperson of the ADB's Board of Directors, took the opportunity to commend the Philippine government for its focus on government reforms.
"Good governance is essential for ensuring sustained, high inclusive growth and creating an environment for a competitive private sector. The mutual commitment of both the government and the ADB to good governance is reflected in the theme of this year's Annual Meeting - "Inclusive Growth through Better Governance and Partnerships," Kuroda said in a statement.
After his meeting with the Chief Executive, Kuroda joined Finance Secretary Cesar Purisima, Chinese-Filipino accountant Washington Sycip and Management Association of the Philippines president Ed Francisco in a press briefing at the New Executive Building in Malacanang.
"The Philippines takes pride in hosting the 45th annual meeting of the ADB. We expect over 4,000 delegates to come to the Philippines and attend the conference and the other events,” said Purisima. This meeting is really in alignment with the program of President Aquino which is to bring better governance to the Philippines aimed at the theory that good governance is good economics."
Finance ministers and central bank governors, representatives from international organizations, private sector, civil society, and global media are also expected to attend the ADB’s annual meeting.
"I am pleased with the significant support being given to us by the government of the Philippines. The Philippines is, of course, a founding member of the ADB. Over the years, our institution and thousands of ADB staff have built strong and enduring ties in the Philippines. We very much appreciate the efforts the country had made to provide us with a welcoming and hospitable environment in which we carry out our mission and share the vision of poverty reduction," Kuroda said.
He said they also appreciate the opportunity to support the Philippines’ ongoing effort to improve the lives of its people.
"The ADB’s country partnership strategy for the Philippines is realigned with the government’s development plan for 2011 to 2016," Kuroda said.
The Governors' Seminar which is part of ADB’s annual meeting will focus on Asia's response to the global economic crisis. Other seminar topics and panel discussions include new models for green growth in the regions, how to protect vulnerable cities, how to deliver financial services to the world's poor, and how to feed the world in an age of growing demand for food, feed and fuel.
Asian Development Bank, established in 1966, is based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. (PCOO)
.
Govt must focus on infra development, good governance to ensure continuing growth -- ADB says
The Philippines should continue to improve its infrastructure development and reform program to ensure continuing economic growth in the long term, according to an Asian Development Bank (ADB) official.
ADB president Haruhiko Kuroda said in a press conference in Malacanang on Thursday that they expect the Philippine economy to continue to grow because of several contributing factors such as exports, consumption, investments and many others.
“And that would probably continue to accelerate economic growth. The Philippine must have better infrastructure and better governance. The Philippines must have better and more infrastructure to accelerate economic growth, to accelerate poverty reduction in coming years,” he said.
The ADB is working with the Philippine government to improve governance and infrastructure, Kuroda said as he underscored the importance of infrastructure development being the backbone of the country’s economic growth.
Among the infrastructures that should be developed by the Aquino government are transportation, energy, water and telecommunications, Kuroda stressed.
The Aquino administration announced last month that it allocated P19.6 billion in counterpart funds for the government’s Public-Private Partnership program for 2012, a 56.8-percent increase from 2011’s P12.5-billion counterpart budget.
Budget Secretary Florencio Abad said the increased funding for public-private partnerships will help fill up infrastructure gaps and optimize economic growth.
The government hopes not just to increase private participation in key sectors but also boost the government’s ability to respond to high demand public services by providing ample counterpart funding for PPP projects, Abad added.
Of the P19.6-billion allocation, the Budget Department allotted P8.6 billion to the Department of Transportation and Communications (DOTC). A total of P6.6 billion of its total budget will be used to fund six PPP projects that include the development programs for the New Legazpi Airport in Albay, Panglao Airport in Bohol, and the Puerto Princesa Airport in Palawan.
Other DOTC projects also include the LRT Line 1 south extension and Privatization, the MRT/LRT Common Ticketing Project, and the department’s Project Development Fund. (PCOO)
.
Aquino government is reviewing country’s mining law – Malacanang says
The Aquino administration is presently reviewing the country's mining law to remedy the loopholes in a bid to encourage more investors.
During the press briefing in Malacanang on Thursday, Finance Secretary Cesar Purisima said the mining companies are looking at those areas that have historical track record of mineral resources.
"Obviously, they look at those that have historical track records of mineral resources of which the Philippines is considered the fifth most mineralized country in the world based on a United Nations study," Purisima said.
"They will also look at the stability of government and laws that cover that area and how well-defined they are. And since our effort is to make sure that we define this better, and clarify various rules that were vague and were conflicting," he said.
The government is pushing efforts for the crafting of the new regulatory environment policies that will be better for mining investors.
"The goal of President Aquino is to make doing business in the Philippines more efficient, easier for those that are not as familiar as local businessmen," he said.
"In reviewing the policy, the President emphasized the need to make sure that we consult all the stakeholders. And, you know, unfortunately the consultation process took longer than planned. So we’re going through that process right now and sooner hopefully than later, we’ll come out with a new summary of how we’re going to implement the current mining rules," the Finance Secretary said.
He noted that the mining industry remains one of the areas that can increase the economic growth of the country.
"Unfortunately in the past, the way the laws were implemented, it was not a true win-win situation, where the government actually was not able to get its fair share from mining activities. Last year, if my memory serves me right, the total collection from the mining industry mounted to just a little over two billion pesos. Our total revenue was over how much? 1.2-trillion," he stressed.
The amendment of the mining law will pave the way for the government to look at various models and alternatives in the hope to address interests of the different sectors.
"The Philippines is a country that’s blessed with mineral wealth. And it’s very important that in harnessing this mineral wealth, we do it in a responsible manner that will not only benefit the mining entities that actually participate but also the communities where the mines are in general," he said. (PCOO)
