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Manila Bulletin devider Business devider Banking & Finance devider Diokno bullish on Mindanao's mining, energy potential

Diokno bullish on Mindanao's mining, energy potential

Published Aug 10, 2023 12:06 am

At A Glance

  • Finance Secretary Benjamin E. Diokno said Mindanao has significant potential in mining critical minerals and harnessing renewable energy sources such as hydroelectricity, geothermal, wind, and solar power.<br>The government plans to enhance infrastructure development in Mindanao by investing in crucial areas such as roads, bridges, railways, and airports.<br>Mindanao is set to benefit from 76 out of 194 key infrastructure projects initiated during the Marcos administration, with a total cost of P2.4 trillion.<br>Notable projects include the Davao Public Transport Modernization Project, Mindanao Railway Project, Samal Island-Davao City Connector Bridge, Davao City Expressway, and Panguil Bay Bridge.<br>There is a pressing need to improve airport capacity in Mindanao, as it plays a vital role in revitalizing tourism and stimulating economic growth in the region, says Diokno.

The Department of Finance (DOF) said the government wants to use Mindanao’s natural advantages to transform the region into a driving force for sustainable development.

Finance Secretary Benjamin E. Diokno said Mindanao has a lot of potential when it comes to mining of critical minerals and utilizing renewable energy sources like hydroelectricity, geothermal, wind, and solar power.

“The government will harness this geographical advantage by ensuring the sustainability of the extractives sector and transforming it into an engine for sustainable development,” the DOF quoted Diokno in a statement.

Mindanao is known for its abundant mineral resources, including lead, zinc, iron, copper, chromite, magnetite, and gold. Notably, the region holds nearly half of the country's gold reserves.

Mindanao is also seen as a crucial part of the country's renewable energy future. With its diverse natural resources and diverse terrain, the region is ideal for generating energy from sources like water, heat from the earth, wind, sunlight, and biomass.

To further drive the progress of the region, Diokno said the government intends to bolster the infrastructure development in Mindanao by investing in key areas such as roads, bridges, railways, and airports.

About 76 of the 194 key infrastructure projects of the Marcos administration will be implemented in Mindanao, amounting to a total cost of P2.4 trillion.

Among the notable projects earmarked for Mindanao are the Davao Public Transport Modernization Project, Mindanao Railway Project, Samal Island-Davao City Connector Bridge, Davao City Expressway, and Panguil Bay Bridge.

In addition, Diokno said there is an urgent need to enhance airport capacity in Mindanao, as it plays a crucial role in reinvigorating the tourism industry and driving economic growth in the region.

Based on a report from S&P Global, international tourism expenditure was projected to reach P549 billion, whereas domestic tourism expenditure was estimated to be around P3.1 trillion.

As a result, Diokno said the revival of domestic tourism has the potential to serve as a substantial catalyst for growth in 2023, considering its significant contribution to the overall tourism sector's impact on the country's gross domestic product (GDP).

“From infrastructure to tourism to clean energy, the island of Mindanao is uniquely positioned to power the country’s economic progress and lead our transformation journey in the years ahead,” Diokno said.

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