Position Paper on Short Term Economic Impacts of Closed Mines

Introduction
The conduct of the Department of Environmental and Natural Resources recent mining audit has recommended the closure of 23 mining operations. While pro-mining advocates insist significant economic losses are to be incurred, Bantay Kita weighs in by showing evidence that this is otherwise under certain parameters.
 
Mining companies, like any other business operating in the Philippines, pay taxes, employ workers, and generate value for the economy. According to data sourced from the Philippine Extractive Industries Transparency Initiative (PH-EITI) Report 2016 for fiscal year 2014, economic contribution of  mines recommended for closure are relatively insignificant especially when  environmental damage and negative social effects caused by these erring companies are considered.
 
The full economic and social impact, however, is hard to measure and validate given the lack of transparency especially among closed mines. Currently, the PH-EITI is voluntary.
 
Bantay Kita welcomes Senator Joel Villanueva’s championing the welfare of our labor force alongside the institutionalization of EITI in the Philippines. We strongly support these initiatives.
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Bantay Kita Short Term Economic Impacts of Mine Closures
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