By Rey E. Requejo
Manila Standard Today
Mining companies have asked the Supreme Court of the Philippines to dismiss petitions seeking to strike down Republic Act 7942 or the Philippine Mining Act of 1995 over constitutional issues that the high tribunal has already resolved with finality in a landmark ruling in 2004. They said “there is a price to pay in changing the rules in the middle of the game.”
Interviewed before the oral arguments held at the court’s summer session hall in Baguio City on Tuesday, lawyer Tito Lopez, counsel of Australian mining firm Oceana Gold that operates in Nueva Vizcaya, warned of massive repercussions to the national economy should the high court nullify the law and cancel all Financial and Technical Assistance Agreements and Mineral Production Sharing Agreements.
“Can you imagine the possible impact of canceling the FTAA or MPSA? These foreign companies have already invested a lot in their explorations and actual operations and you will cancel their permits. Will that not discourage foreign investments?” he stressed.