Boston, MA -- (SBWIRE) -- 08/14/2013 -- Philippines: A Rising Star In Asia Mining

BMI View: With an abundance of mineral resources on offer, we are optimistic towards the future growth prospects of Philippines' mining sector. Capital inflows will be forthcoming over the coming years, especially given the recent lifting of the ban on new mining applications. We expect the country's mining industry value to reach US$7.5bn by 2017, growing at an annual average rate of 13.1% from 2012 levels.

While a string of mining projects has been put on the backburner over the past year, we believe the Philippines is set to emerge as one of the brightest spots for mining investment in Asia. According to the Mines and Geosciences Bureau (MGB), the Philippine government is now reopening its door to new mining applications. Apart from lifting the two-year ban on new mining permits, the mining application fee was increased from PHP60 per hectare to PHP300-500 per hectare. Additionally, a minimum of PHP200,000-500,000 would now be charged against mining applicants depending on the type of application. In our view, the lifting of the moratorium on new mining applications, which came earlier than we anticipated, would pave the way for increased capital inflows into the mining space. President Benigno Aquino had earlier prohibited the issuance of mining applications until a resolution on the revenue-sharing scheme between the government and mining firms is reached.

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