GMC in the Context of the Philippine Mining Industry
The outlook for investments appears bright and encouraging for young industry players like GMC. According to the MGB, the Philippines is the 5th most mineral-rich country in the world with an estimated US$840 billion worth of untapped mineral wealth as of 2012. Around 30 million hectares of land in the country are estimated as areas of possible metallic mineral deposits and 9 million hectares are identified as high in mineral potential. The Philippines’ metal deposit is estimated to be 21.5 billion metric tons.
Generally, the mining industry contributes about 0.6% to the country’s economy. Per the MGB, the Gross Production Value in Mining rose from PhP157.1 billion in 2013 to PhP176.3 billion in 2016. Total Exports of Minerals and Mineral Products, according to statistics of the Bangko Sentral ng Pilipinas (BSP) stood at US$3,412 million in 2013 to US$4.052 in 2017.
The Philippine Mining Act of 1995 allows foreign ownership of mining assets and exploration, the constitutionality of which was upheld by the Philippine Supreme Court in 2004. There were 40 metallic and 62 non-metallic mine players in the country, with more than 1,400 applications under process by the Bureau in 2016.
In the implementation of their mining projects, mining companies have committed billions to the development of area-based communities under their social development and environmental protection programs. Companies as a whole have reforested about 476,000 hectares of mined areas as of end-2016. GMC shares this commitment among its co-members of the Chamber of Mines of the Philippines with which it has forged affiliation.