Philippine Mining Act Of 1995 Reported by: Jilyn Amoroso III- H BSE Soc. Stud.
REPUBLIC ACT NO. 7942 -Is the governing law that regulates mineral resources development in the country. -One of the primary objectives of this act is to revitalize the ailing Philippine mining industry by providing fiscal reforms and incentives and maintaining the viable inventory of minerals to sustain the industry.
THE ACT AND ITS RIRR TAKE INTOCONSEDIRATION THE FOLLOWING: - Local government empowerment -Respect and concern for the indigenous cultural communities. -Equitable sharing of benefits and natural wealth. -Demands of present generation while providing the foundation for future generations worldwide trends generation. -Protection and wise management of the environment.
Law contains social and Environmental safety: -Built-in protection for the indigenous peoples. -Competitive fiscal regime -Equitable sharing of the benefits of mining. -Environmental and social provisions.
What is the status ofthe Philippine when the Mining Act enacted?
PHILIPPINE CASHING IN: -Our country were open to foreign investor, particularly large-scale mining project under the Financial or Technical Assistant Agreement (FTAA which allows 100% foreign equity). -Industry is cashing in on developments. -The country is ranked in 3rd in gold, 4th in copper, 5th in nickel, 6th in chromites.
COMPETITIVE EDGE: -The Philippine strategic location along the Pacific ring of fire endows the country with abundant mineral resources. -In terms of mineral prospectively, the country consistently ranked high, despite more than a million hectares of high potential mineral rich not explored -Mineral resources abound in almost all areas in country.
WHAT ARE THECONSEQUENCES OFMINING HERE IN THE PHILIPPINES?
On the top of the natural wealth and beauty of the Philippine is a great good news, the bad news is, the massive destruction of our environment is happening because of greed for profits by few.(Sr. Stella Matutina)This law opened the floodgates to widespread plunder of our natural wealth, unprecented environmental duration and worsening human rights violations.(Renato Reyes Jr.)
The cost of mining here in the Philippine the environment damage such as pollution of the waterways and poisoning of water resources, the collapse of mountains are not clearly reflected in the income accounts. The Philippine neither brought to economic development nor alleviation from poverty .It cause more hardship and environmental catastrophe. Ironically we are so rich with mineral resources, we remain heavily dependent on imported metal manufactures.
There is a need to avertdisasters by putting inplace a “farsightedapproach to economicdevelopment. The supreme court decision to uphold the constitutionality of R.A 7942 will not deter him from pushing for passage the bill.