Despite the global economic slowdown, two of the biggest mining and property firms in the world have expressed interest in investing in the local mining sector, Environment and Natural Resources Secretary Lito Atienza said.
"There is a resurgence of development in the region, as China, India and even Japan require continued supply of minerals," Atienza said. "We need to take advantage of this as we are in the centre of the region, near the markets for such minerals."
Atienza disclosed that Dubai property giant Emaar Properties PJSC was looking for mining and ecotourism developments in the Philippines.
Emaar is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles.
Emaar is a Dubai-based public joint stock company, listed on the Dubai Financial Market. It is also part of the Dow Jones Arabia Titans Index.
Emaar is the company that built the Burj Dubai, the tallest infrastructure in the Emirates.
Atienza also revealed that the China Metallurgical Group Corp (MCC) has renewed its interests in the Philippine mining industry. It now plans to put up a copper smelting plant worth at least US$1 billion.
Licensed by the Chinese government, MCC is a major driving force behind the growth of China's steel industry, and a contractor for a number of key projects both at home and abroad.
"MCC had written me a letter of intent that they'd like to put up a copper processing plant in the Philippines," Atienza said. "We will write back to them that they are welcome, but that they should give more project details."
If the project pushes through, MCC's copper smelter will be the second in the Philippines, Mines and Geosciences Bureau director Horacio Ramos said.
"They are interested in downstream mineral processing and smelting," Ramos said. "This means at least a billion dollars of investment."
MCC earlier said it might invest as much as US$10 billion to explore for iron, and put up an integrated steel mill in Bayug and Midsalip in the southern province of Zamboanga del Sur.
"MCC is going slow in the Bayug idea," Atienza explained. "That exploration may not be in consonance to their requirements, but they are not giving up on the idea of putting up an integrated steel mill. They're just going slow."
Meanwhile, Ramos said that the Philippine government is entering into an agreement with its counterparts in the Association of Southeast Asian Nations to conduct a joint geological assessment of mineral resources in the Philippines.
"Secretary Atienza and his Asean counterparts have already agreed in principle," Ramos said. "I have yet to meet with my counterparts."
The Australian government has earlier committed US$19 million to conduct a geological assessment of Philippine mineral lands.
Ramos said there would not be any conflict with the country's agreement with its Asean counterparts.
"We just want to complete a geological mapping nationwide," he said.
