The Chamber of Mines of the Philippines (COMP) has thrown its support behind the creation of a national policy framework for critical minerals, which it believes will help enhance the country’s ability to attract mining investments.

In a statement on Saturday, Aug. 22, COMP said it welcomes the issuance of Executive Order (EO) No. 122, which establishes an integrated framework to develop the country’s critical minerals industry.

The framework also focuses on promoting value-added processing and downstream industries, ensuring responsible and sustainable mining practices, harmonizing government policies on mining, and enhancing the sector’s investment competitiveness.

“We strongly endorse the order’s emphasis on policy stability, regulatory consistency, and transparency,” said COMP, which represents the country’s largest mining companies.

“Securing long-term capital for exploration, mine development, and mineral processing requires a predictable environment that builds investor confidence,” it added.

COMP said EO 122 looks beyond the extraction of mineral resources since the policy also encourages value-added processing, refining, and downstream manufacturing.

It emphasized that these initiatives would help the country capture greater value from its mineral wealth while also generating quality jobs and bolstering local supply chains.

The mining group also voiced support for the order’s emphasis on implementing responsible and sustainable mining practices while ensuring the social, cultural, and economic development of host and neighboring communities.

“Economic growth must align with sound environmental stewardship and social responsibility. EO 122 rightly prioritizes the rights, welfare, and culture of host communities and indigenous peoples (IPs),” it said.

COMP likewise lauded the policy for its focus on interagency coordination and process digitization, which is expected to streamline regulatory requirements and eliminate unnecessary delays.

The group said this positions the Philippines as a “globally competitive investment hub without compromising environmental or social standards.”

“EO 122 recognizes that critical minerals are essential to national industrialization, energy security, economic resilience, and the global green transition,” said COMP. “Unlocking this potential requires active, sustained collaboration among government, industry, host communities, and broader society.”

COMP also commended the reorganization of the interagency Mining Industry Coordinating Council (MICC), which will oversee the development of the critical minerals industry.

MICC, which is co-chaired by the Department of Environment and Natural Resources (DENR) and the Department of Finance (DOF), will assess and review critical mineral mining-related laws, issuances, and agreements to identify gaps and recommend policies.

Under EO 122, the government also ordered the DENR to implement a national exploration and mineral reservation program to identify and evaluate new critical mineral deposits.

These minerals will be prioritized to advance the country’s pursuit of a clean energy transition, digital transformation, and infrastructure development.

Based on the order, there are at least nine million hectares (ha) of prospective areas with the potential to hold various mineral resources that can position the country as a key player in the global value chain for critical minerals.

“COMP stands ready to collaborate with all stakeholders to implement EO 122. Together, we can build a competitive, responsible, and sustainable critical minerals sector, one that creates lasting value, protects local ecosystems, and drives inclusive national development,” the group said.