1
b) The mining industry shall be geared towards national industrialization
2
and shall be built for the production of raw materials such as base
3
metals, basic chemicals and petrochemicals needed by the basic,
4
medium
5
intermediate and capital goods with the country's stock of finite mineral
6
and non-mineral industrial raw materials and in the process provide jobs
7
to the country's vast human resources;
8
and
heavy
industries
to
produce
as
much
consumer,
c) The community shall actively participate in the stewardship of mineral
9
resources.
10
supported;
Community-based
initiatives shall
be encouraged and
11
d) The State and its members shall develop its human resources and
12
encourage the evolution of its own appropriate technologies. The State
13
shall
14
corporations to further develop and increase their participation in the
15
industry. All mining industry investments shall be mutually-beneficial and
16
help
17
Industrialization Program. To come up with the large capital requirement
18
for mining, the State must use local sources such as but not limited to
19
the granting of incentives and financial aid to local private sector
20
investors, re-channeling of government budget allocations for foreign
21
debt payments and military expenditures, and the proceeds from the
22
government shares of the Malampaya Natural Gas Project;
provide
achieve
the
the
appropriate
specific
support
target
and
and
protection
goals
of
to
the
Filipino
National
23
e) The State shall allow, in exceptional cases, foreign corporations to invest
24
in the mineral industry. Based on the National Industrialization Program
25
and the country's capability and capacity, the government must identify
26
the mineral areas where foreigners can help and invest subject to
27
rigorous screening and strict regulations as provided in this Act and
28
related laws. The participation of foreign companies in the critical stages
29
of minerals extraction and processing shall be in accordance with a
30
mandatory program or agreement for technology transfer and equity
31
shares that do not exceed forty (40) percent of the full capital
32
requirements.
33
Provided, That capital accumulation and reinvestment within the country
34
shall be primarily encouraged over profit repatriation by the foreign
35
companies and that foreign mining corporations, their principals, local