government stands behind tampakan investments

Instos, having responded so favorably to the rights issue, are obviously confident that their investment in Indophil will be well rewarded.
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Gov?t stands behind Tampakan investments

By MELODY M. AGUIBAJune 20, 2011,

MANILA,Philippines ? The government stands behind investments made by mining giant Xtrata in the huge Tampakan copper-gold project in South Cotabato saying driving investors away will send an austere adverse signal against the country?s economic policy.

Department of Environment and Natural Resources (DENR) Secretary Ramon J. P. Paje said President Benigno S. Aquino III has affirmed his support for the Tampakan Copper-Gold Project.

?The position of the government has not changed. If there are certain problems, we will try to resolve them. It doesn?t make sense to allow investors to spend $100 to $200 million and after they have explored, developed, and determined to invest $5.2 billion, we will tell them to go home,? Paje told reporters at the sidelines of a Philippine Information Agency press briefing.

Paje said such unstable policy will put the Philippines in despiteful position in the international investment community.

?President Noynoy said ?We will protect investors in this country. We will ask you to come and we will assure your investments will be protected.? It?s not a good sign in the investment community if they?ll come and then we?ll suddenly cancel their projects after they have put the money in,? he said.
However, hearing on the policy issuance of the provincial government of South Cotabato banning open pit mining in the province is yet under appeal. And the national government will just come in once the province?s jurisdiction over this will have ceased.

Aquino said earlier that even without the presence of large mining companies, small scale miners will overtake proven reserves and whose operations will be difficult for government to regulate.