And with regulatory uncertainty driving investment out the country, a backlash appears to on. With some of the Philippines’ highest officials this week throwing out new rules against mining.
That move came from the Executive Secretary of the Philippines national Cabinet, Salvador Medialdea. Who issued an order this week overturning a directive from Environment Secretary Gina Lopez, governing a proposed trust fund for companies exporting minerals.
Lopez had previously ordered exporting companies to establish a trust of 2 million pesos ($40,000) per hectare of mined land — with that money to be held for reclamation expenses. Under the rules, any companies that failed to deposit the cash would be barred from exporting ore stockpiles.
But Lopez said at a press conference yesterday that Executive Secretary Medialdea has now nullified the trust fund rules. As she noted, “Medialdea said that they [mining companies] can now remove the stockpiles… He counteracted each and every order in all areas and I can’t do anything about it.”
This is one of the first instances of Lopez’ aggressive anti-mining policies being challenged by Philippines lawmakers. And shows that her power as Environment Secretary may be diminishing, as economic losses mount across the mining industry.