The Philippines, another rich country insisting on being poor

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Trillion-Dollar Goldmine For Philippine Economy Emerging From Murky Pit

By Ralph Jennings
Forbes.com, Jersey City, New Jersey
Sunday, April 5, 2015

The Philippines holds the world's second largest gold reserves, and applications from foreign mining firms are piling up to tap that plus a list of other metals that basically just sit under the ground now.

Mining made up just 0.72 of the impoverished Southeast Asian country's economy in 2012 as gold production fell back that year. Access to the $1.4 trillion Philippine mining sector, rich also in copper and nickel, has been mired since the 1980s in klutzy laws, environmental battles, and land rights issues. It may be on its way out of the pit this year.

Officials in Manila see mining as an untapped treasure that could help sustain recent annual economic growth of about 6 percent and bring in foreign investment -- a national priority since 2010. It's one of the country's next boom sectors, forecasts Jonathan Ravelas, chief market strategist with Banco de Oro UniBank in metro Manila. ...

... For the remainder of the report:

http://www.forbes.com/sites/ralphjennings/2015/04/05/trillion-dollar-gol...



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