This is the first major policy statement on the mineral industry from Malacanang since the Ramos administration, which explained why the President's speech was interrupted more than 30 times with applause.

The President took note on incoming Chamber of Mines of the Philippines president Benjamin Philip Romualdez's observation that "the national minerals policy has been 5 years in the making and it has still no sign of coming to a conclusion."

"It's my administration's policy to promote responsible minerals exploration development and utilization to enhance economic growth in a manner that adheres to the principles of sustainable development," the President said.

The NMP lays down what local and foreign players can do and cannot do in exploring mineral resources in the country as well as their responsibilities in protecting the environment, ,respecting the indigenous people's rights, and profit sharing among the players.

Foreign Chambers had earlier said that the NMP would send a strong message that they are welcome in the Philippines and that the DENR-MGB could resolve any problems of mining projects with local government units and non-government organizations.

With the impeachment crisis over, the President was optimistic that the high. tribunal would finally address the legal stumbling blocks faced by the mining industry over the last few years.

With the SC having disposed of several long pending issues, perhaps we can soon expect the High Court to go back the to addressing other pending, great policy issues including the mining issue, the President said.

The President said that while the SC ponders on the constitutionality of the Mining Act, her government was in the process of harmonizing the implementing rules of the Mining Act and the Indigenous People's Rights Act to facilitate the applications of qualified investors.

Romualdez, president of Benguet Mining Corp., noted that the High Court's wavering on the 8-year-old Mining Act has been a "major stumbling block to the resurgence of the industry" as it has disheartened a number of foreign investors willing to put their money to explore the country's mineral resources.

PMSEA Treasurer Patrick Caoile said the endorsement of the NMP gives local and foreign miners the much needed confidence to pursue mining projects in the country with the government's full backing.

Caoile said the change in policy and designation of an industry "champion"--Economic Planning Secretary Romulo Neri--would help keep the balance between protecting the environment and taking advantage of the country's resources in crafting mining policies. Caoile said the mining industry --with its vast potential a s a magnet for huge foreign investments and a source of export earnings--fitted well with the President's 7-percent growth in 7 years.
With the economy growing less that 5 per cent and most sectors either down (manufacturing) or flat (services and tourism), Caoile said the government would have to bank on the mining industry to provide the spark to meet its long term growth objectives.

Other reforms made in the mining industry that were cited by the President were the reduction in processing of environment clearance certificate of start-ups; the provision of P20 million for rehabilitation of the areas damaged by the Marcopper spill; and the government's takeover of Mt. Diwalwal to rationalize the operations of big players, small-scale miners, and arterial miners in the ore-rich mountain.