PH mining export revenue to increase by $2B
The Philippines’ annual export revenue from its mineral extraction sector is predicted to increase by $2 billion over the next five to six years as new mining projects are being launched, said Philippine Extractive Industries Transparency Initiative (PH-EITI).
In a statement, PH-EITI noted that “The extractive industries are likely to witness substantial growth in the next five to six years owing to new mining projects in the pipeline.”
The agency added that “potential new mines will increase exports by 1 to 2 billion USD every year in the short- and long terms, as well as employ as many as 1.3 times more workers”.
The latest projection in PH-EITI’s report was presented by the Philippine government to nearly 400 stakeholders during a virtual conference last July 29.
The country expects a P43 billion ($856 million) annual increase in mineral production until the year 2027 as new mines are opening in the country.
