NEWSFLASH

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FVR VOWS HELP TO FOREIGN MINING VENTURES

Manila, Oct. 6, 1997 - President Fidel Ramos has ordered the Department of Environment and Natural Resources to speed up approval of Financial and Technical Assistance Agreements (FTAA), 25-year contracts that allow foreign companies to engage in large-scale mining in the Philippines.

The president told foreign chambers of commerce at the Manila Hotel last Friday that the government will ensure that "mining companies meet nationally acceptable environmental standards" but expects more FTAAs to be approved before the end of the year.

Foreign companies expect to spend approximately $120 million in exploration alone in the next 12 months with the approval of more agreements.

The mining law is resisted by indigenous groups, militant Leftists and environmental activists who fear the destruction of the environment with the entry of large-scale mining in previously undeveloped areas.

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