MGB-V approves FRC’s P18M SDMP for 2009

             The Mines and Geosciences Bureau in Bicol (MGB-V) approved August 26 the 2009 Social Development and Management Program (SDMP) of Filminera Resources Corporation (FRC) and the Philippine Gold Processing and Refining Corporation (PGPRC) based in Aroroy, Masbate.

             The SDMP, amounting to P17,799,840.00 or 1% of FRC’s projected direct mining and milling cost of P177,998,400.00, is expected to benefit 8 direct impact Barangays in Aroroy, Masbate where the company is operating.

             The amount is allocated to implement programs, projects and activities for community development like livelihood, infrastructures, scholarship among others in the direct impact Barangays of Aroroy, Balawing, Bangon, Capsay, Lanang, Puro, Panique and Syndicate.

             Of the P17,799,840.00 allotted, 90% or P16,019,856.00 will be spent for community development and the remaining 10% or 1,779,984.00 is for Information, Education and Communication (IEC) activities, further broken down as follows: 20% or P355,996.80 for the development of Geosciences and Technology and 80% or 1,423,987.20 for actual activities. Reference: FORESIGHT VOL. 11 No.2 July-Dec 2009 issue