Zambales minerals enough to pay PH’s foreign debts – gov
Posted 4 years ago
IBA, Zambales: Unknown to many, this province can offer not only marine and forest products but mineral deposits that may save the country’s economy.
In an interview with The Manila Times, Gov. Amor Deloso said Zambales is rich in at least 27minerals that include chromite, gold, manganese as well as natural gas that can generate enough revenue to boost the economy and pay for the country’s huge foreign debts.
“We have the potential. Many of you have not known of our province until today and I am here to tell you that Zambales is just waiting to be ‘re-discovered’. Perhaps we could be the country’s savior,” Deloso said, during the three-day 22nd National Press Congress here.
However, he said to be able to do this, certain national policies must be recast and redirected towards more practical solutions to the country’s problems rather than creating additional burdens.
He said the national government must first give its full share to the local government unit as the community gets its resources mainly from local taxes.
Zambales has an annual income of P1.3 billion with a small chunk of it coming from local taxes of the mining industries.
The Bangko Sentral ng Pilipinas recently announced that the country’s total debt to foreign creditors dropped by 1.8 percent – from $73.8 billion to $72.5 billion at the end of March 2017.