May 10, 2017: Will Filipino Mining Realise Its Potential? – The Market Mogul

May 10, 2017: Will Filipino Mining Realise Its Potential? – The Market Mogul
 

After a tenure that lasted only ten months, Filipino lawmakers rejected the appointment of Regina Lopez as secretary of the Department of Environment and Natural Resources (DENR) on 03 May 2017. The Philippine Stock Exchange (PSE) promptly posted its highest close since September 2016, buoyed by mining and oil stocks that surged after Lopez’s ousting.

Too Radical

The Commission on Appointments cited Lopez’s lack of technical qualifications and knowledge of mining and the uncertain legal basis of her recent rulings against mining companies as reasons for the dismissal. A staunch advocate of environmental protection, Lopez’s brief but tumultuous reign saw the closure of 22 of the country’s 44 mines, in addition to the cancellation of 75 mines yet to be developed.

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