November 21 2018
Philippines-Australia Business Council (PABC) Chair Dennis Quintero delivered a special message during the Philippine Mineral Reporting Code Committee's (PMRC Committee) Signing Ceremony held last 21 November.
Highlights of the event include the oath taking of new Competent Persons in Geology, Mining Engineering and Metallurgical Engineering and the signing of the PMRCC Memorandum of Understanding (MOU) by the Geological Society of the Philippines, Philippine Society of Mining Engineers, and Society of Metallurgical Engineers of the Philippines. The Philippine Stock Exchange, Philippines Australia Business Council, and Philippine Mining and Exploration Association signed the MOU as Associate Organizations.
The Philippine Mineral Reporting Code (PMRC), or the "Code", sets out minimum standards, recommendations and guidelines for Public Reporting in the Philippines of Exploration Results, Mineral Resources and Ore Reserves. The Code was formulated with the intent of setting minimum standards for public reporting on minerals that is compatible with global standards. The formulation of the PMRC relied on the international codes from Australia, South Africa, European Union, and Canada.
The PMRC is an initiative of the Philippine Minerals Development Institute Foundation (PMDIF) together with The Philippine Stock Exchange, Inc. (PSE), Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources, Chamber of Mines of the Philippines (COMP), Philippines-Australia Business Council (PABC) and the Board of Investments (BOI) of the Department of Trade and Industry. The formulation of the technical provisions of the code was undertaken by the Professional Regulation Commission’s (PRC) accredited professional organizations of the minerals industry which are the Philippine Society of Mining Engineers (PSEM), Geological Society of the Philippines (GSP), Society of Metallurgical Engineers of the Philippines (SMEP) and chaired by the PMDIF.
The formulation of the PMRC was supported by the Australian Government through the Philippines-Australia Partnership for Economic Governance Reforms (PEGR), and the BOI.