The Philippine mining sector is going strong amidst the global economic crisis requiring heavy equipment for mining and construction.
Used Komatsu, Caterpillar and other mining and construction heavy equipment are well sought in the Philippines. The report quoted Mr Horacio Ramos head of the mines and geosciences bureau as saying that investments for the whole of 2008 are expected to reach over USD 826 million. Although this is USD 174 million short of the USD 1 billion target for the year, he said that "despite this economic turmoil, there is no scaling down of investment." Investments for the first half of 2008 reached USD 260.6 million. The Philippines aims to attract around USD 10 billion into the mining industry by 2011.
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