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Part IV: General Impression

Prior to the existence of other mining corporations, Philex Mining Corporation already
subsits in the year 1955 and through this year they are doing their best to commit
themselves in providing social or community involvement activities and programs to
promote the good of their stakeholders.

Unfortunately, over the past years, activist groups have accused the operator of the
Padcal Mine and ultimately the management of Philex Mining Corporation with various
environmental and social offenses due to its mining activities.

In lieu of this, the companys corporate social responsibility policy stems largely from its
commitment to address these issues. As an expression of this commitment, the
company formulated a policy statement that states: a socially responsible Filipino
company striving for excellence in mining. At the business operations level, this means
giving importance to environment, social, governmental, and economic factors.

From the generally shared elements, Philexs corporate citizenship policy tends to
cluster around three inter-related components: a commitment to social empowerment,
protection of the environment, and economic efficiency. Its conceptualization of
corporate social responsibility advances clear-cut prescriptions for dealing with natural
resource use and community and stakeholder engagement. Thus the need to protect the
environment is inextricably linked to relationship building with impacted communities,
government agencies, peoples organizations and civil society groups.

Correspondingly, PMC appeared to give importance in all of the eight (8) core subjects,
which encompasses Organizational Governance, Human Rights, Labor Practices,
Environment, Fair Operating Practices, Consumer Issues, and Community Involvement
and Development, but environment and Community Involvement and Development
being the focus or central part of their CSR.

PMC's Organizational Governance covers the establishment of their own Code Of Ethics
which becomes the guide of their organization. The Code Of Ethics includes Integrity,
Teamwork, Work Excellence, Respect for Individual, Corporate Responsibility, and
Social & Environmental Responsibility. Through this, PMC will be guided to do good not
just for the repute of the company itself but also for the betterment of the society and
environment. This includes the upholding rights of the stockholders, such as Right to
vote, Pre-emptive right, Right to inspect, Right to receive information, Right to dividends,
and Appraisal right which the stockholders of PMC experience the fairness and
coordination within the organization. Addtionally, the corporate governance manual that
the company is issuing every year ensures the shareholders and other stakeholders of
the company with a systematic procedure in dealing with critical business situations at
hand.

The company is also commited in conducting its business with accord to Human Rights,
which includes giving value dignity of every individual, recognizing basic human rights
under the Philippine Constitution and Universal Declaration of Human Rights, and
having Investor Relation Program. In this way PMC can operate at its best without
prejudice to the Human Rights of every individual involved. However, this core value was
not justified as much as the other values because the company was not able to give
instances regarding situations that concerns violations or uphelding human rights.
However, they include some statements in their sustainability report regarding how they
value the Bill of Rights, which is acceptable in a way.

With accordance to the existing labor laws, PMC operates its business in a manner that
respect each and every laborers they employed. In association with CSR, they
implemented various activities for the empowerment of every employees. These
includes Training and Development, Equal Opportunity and Human Rights, and Health
and Safety Programs.

Environment management is one of the very important elements which PMC focused on,
since failure to do so may limit their production because this supports the attainment of
the company's production. In return, they implemented activities that will help in
environmental sustainability. These includes applying ISO 14001 Environment
Management System Certified, Reforestation, Water Management Monitoring, Erosion
Control, and Ecological Waste Management.

PMC yearn in conducting their business in a manner that they will not prejudice any
individual, thus they apply fair operating practices which includes Whistle-Blowing Policy;
Conflict of Interest Policy; Policy on Gifts; Entertainment, and Sponsored Travels;
Vendor Relations Policy; Policy on Dealings in Company Shares of Stock; Related Party
Transaction (RPT) Policy; Directors and Officers' Orientation and Training Policy; and
Board Performance Appraisal/ Assessment Policy.

As a company, PMC desired to have a strong connection with their customers and
consumers, in return they offer what is best. These includes Accessibility and
convenience; Account security; Speedy services; Better benefits; and Financial advices,
which will all contribute for the betterment of the consumers.

Lastly, PMC continued to uplift the Socio- economic condition of the people involved in
its operations. Through their Social Development and Management Program (SDMP)
they planned, implemented and developed various activities and programs under several
areas, such as Health, Education, Livelihood, and Infrastructure in partnership with the
communities involved.

Summing up, the Philex Mining Corporation's Corporate Social Responsibilities are very
helpful to the parties involved. Although the main goal of these CSR is for the good and
sustainability of the comoany itself, still their CSR worked for the betterment of each
sectors concern.

Indeed, "there is life in mining".

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