Suit vs Lafayette alarms business group
First posted 11:04am (Mla time) July 25, 2006
Inquirer
http://news.inq7.net/archive_article/index.php?ver=1&index=1&story_id=11618
THE FEDERATION of Philippine Industries (FPI) has expressed alarm that any injunction order stopping the 30-day test run of the mining operations of Lafayette Philippines Inc. on Rapu-Rapu Island in Albay province could derail the entry of more foreign mining investments into the country.
FPI president Jesus Arranza said the government’s target of raising 122 million dollars in mining investments by yearend had been imperiled by the injunction case filed against Lafayette and Environment Secretary Angelo T. Reyes before the Makati City regional trial court.
“The Mines and Geosciences Bureau (MGB) has recorded a total of 47.91 million dollars in fresh investments from January to May this year,” Arranza noted.
“But now, this court petition against Lafayette and the Department of the Environment and Natural Resources [DENR] might force foreign investors to bring their money elsewhere despite the renewed enthusiasm generated by the government in the mining sector,” the FPI official added.
Inquirer
http://news.inq7.net/archive_article/index.php?ver=1&index=1&story_id=11618
THE FEDERATION of Philippine Industries (FPI) has expressed alarm that any injunction order stopping the 30-day test run of the mining operations of Lafayette Philippines Inc. on Rapu-Rapu Island in Albay province could derail the entry of more foreign mining investments into the country.
FPI president Jesus Arranza said the government’s target of raising 122 million dollars in mining investments by yearend had been imperiled by the injunction case filed against Lafayette and Environment Secretary Angelo T. Reyes before the Makati City regional trial court.
“The Mines and Geosciences Bureau (MGB) has recorded a total of 47.91 million dollars in fresh investments from January to May this year,” Arranza noted.
“But now, this court petition against Lafayette and the Department of the Environment and Natural Resources [DENR] might force foreign investors to bring their money elsewhere despite the renewed enthusiasm generated by the government in the mining sector,” the FPI official added.
posted by lrcluzonblog at
11:17 PM
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