President Arroyo is expected to sign an executive order for the implementation of the National Minerals Policy (NMP), a move sent to arrest the slump in the sector hounded by a spate of environmental catastrophes and disasters.

The framework for the NMP is aimed at revitalizing the mining industry with a blue print for attracting foreign investments amid a strong opposition from various environmental groups.

With the signing of the mineral policy, mining barons is hopeful of $3.5 billion potential revenue out of exports annually despite the constitutionality case lodged at the Supreme Court implementing the Philippine Mining Act of 1995

The law fully opened the mining industry to foreign transnational mining corporations and allows 100 percent ownership of mineral resources.

The Kalikasan-People’s Network for the Environment (PNE), a non-government organization lobbying against the mining act, said the rosy picture being painted by the mining sector was only a “myth” and a “corporate hype” to justify environmental exploitation.

“The main strategy of the NMP and PMA-95 is to rely on foreign capital and modern capitalist technology, for mineral exploitation and entrench foreign control and plunder of our mineral resources. There is no such thing as sustainable and responsible mining under the corporate globalization that is concerned on profit,” said Clemente Bautista, policy and advocacy officer.

The group warned the President that in signing the minerals blueprint, she would be putting a tag price on the country’s mineral resource.