The Market Monitor Minding the Nation's Business
Listed miner Philex Mining Corp. has allotted more than P400 million to fund various projects under its Social Development Management Program (SDMP) over the last five years, according to the company’s 2016 Annual Report.
“We incurred P117 million for SDMP-related Corporate Social Responsibility (CSR) initiatives and an aggregate sum of PHP454 million over the last five years to further our goal of inclusive economic growth and progressive social structures within our areas of operation,” said Philex Mining President and CEO Eulalio Austin Jr. during the recent Annual Stockholders’ Meeting held at Marco Polo Hotel in Ortigas, Pasig City.
The company’s CSR campaign was divided into five divisions under the iHELP model, which stands for: I – Information, Education and Communication; H – Health and Sanitation; E – Education; L – Livelihood and Skills Development; and P – Support to Public Infrastructure.
Austin said the company’s projects include community engagement and development programs, health services and medical missions, equipment turnover, construction and rehabilitation of several school buildings, educational assistance programs, and scholarship grants.
In addition, Philex said it also provided financial and technical assistance to livelihood ventures of residents in farming, livestock and food processing, free electricity and water, and construction and maintenance of infrastructure.
Philex said it also partnered with local government units, agencies, private organizations, and practitioners to implement these projects.
The community development model, which has been running for almost six decades, aims to realize the company’s long-term plans for the benefit of its host and neighboring communities around its mining operations, said Austin.
The iHELP model has been in operation not just in Padcal mine site in Benguet but also in Silangan Project located in Surigao de Norte, and Bulog, Sibutad, Bulawan, Vista Alegre and Cayas Projects.
Austin said Philex plans to continue these programs even after their mining operations as part of their advocacy in “conscientious mining”.
“We will continue to pursue our priorities to realize our CSR objectives, value-creation goals and long-term plans for sustainable growth,” he said.
