August 3, 2022
Mr. Ramon Monzon, Philippine Stock Exchange President and CEO; Mr. Manuel Pangilinan, Chairman of Philex Mining Corporation; Board of Directors and Officers of the Corporation; distinguished guests: good morning.
I congratulate Philex Mining Corporation on the occasion of its stock rights offering.
This move signifies confidence in the country’s promising economic growth prospects.
Through this offering, Philex will further expand its operations and develop a new mine in Surigao. This would mean more jobs will be created, local communities will be reinvigorated, and additional revenues will be contributed to the government.
This listing also sends a strong signal to the mining industry that our capital markets are viable instruments for fast tracking the development of large mining projects. Mobilizing mining investments will help quicken our economy’s recovery and expansion.
The mining industry holds the greatest potential to be a key driver in our recovery and long-term growth, especially now that world metal prices are high. The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources.
Under the Marcos administration, the government commits to create an enabling environment for mining to flourish in the country. We recognize that apart from boosting local development, mining is a strong magnet for investments that can propel our economy into a higher growth trajectory.
In turn, we expect the mining industry to strictly adhere to responsible and sustainable practices. This is a non-negotiable condition so we can guarantee the sustainability of the industry and the strong economic growth of its host communities.
As one of the largest copper and gold producers in Southeast Asia, Philex has been an industry leader in principled mining. It has been a staunch advocate of transparency and accountability in the mining sector, and a reliable government partner in pursuing better resource and revenue management.
I challenge Philex to continue setting an example for the country’s mining industry in striking a delicate balance between protecting the environment, uplifting local communities, and supporting our socioeconomic agenda.
I wish Philex the best for today’s event and look forward to more similar listings in the future.