Manila, 12 May 2021 - The Philippine Mineral Reporting Code (PMRC) 2007 is no longer compatible with the current Committee for Mineral Reserves International Reporting Standards (CRIRSCO) template. Through the proposed amendments presented during a recent webinar entitled "PMRC: What's in it for the Philippines" held on 29 April 2021, Filipino Accredited Competent Persons and Philippine Stock Exchange-listed mining and exploration companies will become much more competitive in the global mining arena. This development will attract more foreign investors to the industry. CRIRSCO is recognized by global organizations as the key international body representing the mining industry on issues relating to the classification and reporting of mineral assets.

During the webinar, Quisumbing Torres' Energy, Mining & Infrastructure Industry Group Head Dennis A. Quintero, in his capacity as chair of the Philippine Australia Business Council (PABC), and PABC’s member representative to the PMRC Committee, discussed Securities and Exchange Commission & Philippine Stock Exchange Reporting in relation to the current PMRC 2007.

He explained, "Public reporting on exploration results, mineral resource and ore reserves will promote transparency and consistency and reduce fraud, promoting investment confidence and a balanced presentation of mining risks. These will be enhanced by the adoption of the PMRC proposed amendments." He also noted the potential for the development of the Philippine mining sector to contribute to the country’s Gross Domestic Product (GDP). He noted: “Mining contributes around 6-7% and 10% to Indonesia’s and Chile’s GDP, respectively. The Philippines which is also mineral rich can aspire to have its minerals industry contribute in a similar manner to the country’s GDP. The Philippines is rich in metals needed in electric vehicles/decarbonization and renewable energy, such a nickel, copper, and gold. The Philippines can help supply the nation and the world with metals needed for a green economy.”

The proposed PMRC 2020 was drafted by the PMRCC, which is composed of the following eight organizations: Geological Society of the Philippines, Philippine Society of Mining Engineers, Inc., Society of Metallurgical Engineers of the Philippines, Philippines-Australia Business Council, Chamber of Mines of the Philippines;, the Philippine Stock Exchange, Inc., the Philippine Mining and Exploration Association, and the Philippine Chamber of Coal Mines, Inc.. The proposal is supported by the Mines and Geosciences Bureau. The development process included three public consultations held in 2019 to 2020 and a two-week "PSE Comment Period" held last 2 March to 6 March 2021.

Suggested amendments include a mandatory system for classifying tonnage and ore grade estimates as well as the addition of nontechnical aspects in public disclosures, such as commodity pricing, permitting, and legal requirements and sustainability considerations.

The PMRC is the equivalent of Australia’s Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code") and Canada’s Standards of Disclosure for Mineral Projects ("NI 43-101"). The PABC is an associate member of the PMRCC and a key figure in the crafting of the PMRC.