Philippines leaps to 16th in global mining survey, signals turnaround

🇵🇭 Insider Spotlight: Mining outlook for the Philippines

• Jumped from 72nd to 16th globally in mining investment rankings
• Score more than doubled to 77.11 in 2024, from 36.89 in 2023
• Ranked 9th in global mineral potential, 25th in policy perception
• DENR reforms, digitalization, and permitting fixes credited for gains
• Mining generated P253 billion in output and P33 billion in taxes in 2024

The Philippines posted one of the most dramatic improvements in the 2024 Fraser Institute Annual Survey of Mining Companies, climbing from 72nd place in 2023 to 16th out of 82 jurisdictions, with a score of 77.11 out of 100, more than doubling its prior year’s 36.89.

The survey, conducted between August 7 and December 15, 2024, reflects the sentiment of global mining executives on the investment attractiveness of mining jurisdictions. The report is published by the Fraser Institute, a Vancouver-based think tank known for evidence-based policy research and international economic rankings.

🧭 What drove the ranking

The Investment Attractiveness Index combines two key indicators:

1. Best Practices Mineral Potential Index (BMPPI) – gauges geological endowment
2. Policy Perception Index (PPI) – assesses regulatory and investment climate

In the BMPPI, the Philippines soared to 9th place out of 85, up from 41st the previous year. In the PPI, the country rose to 25th from 79th, underscoring growing investor confidence in reforms.

🛠️ Reforms starting to work

Much of the improved sentiment has been attributed to policy reforms initiated during the tenure of former Environment and Natural Resources Secretary Maria Antonia Yulo Loyzaga, who streamlined the permitting process and introduced digital platforms for transparency.

Despite vast mineral resources—9 million hectares out of 30 million identified as high-potential—only 2.63 percent is covered by mining tenements.

💵 Economic impact

In 2024, mining in the Philippines contributed:

• P253 billion in mineral output
• P33 billion in taxes, fees, royalties
• 291,672 direct jobs
• P10 billion in social development spending
• P14 billion for environmental programs
• P807 million for health and safety, and
• P4 billion in final mine rehabilitation funds

🧭 The bottom line

The Philippines’ steep climb in global mining rankings signals a turning point in investor confidence.

While challenges remain—particularly in aligning national and local regulatory frameworks—the country is now positioned as a serious player in the global push for critical minerals.

— Edited by Daxim L. Lucas