The Philippine Stock Exchange (PSE) announced the full implementation of the Philippine Mineral Reporting Code (PMRC) as part of PSE’s program to elevate to global standards the level of protection it extends to mining investors.

The PSE said it has finally received the approval from the Securities and Exchange Commission (SEC) to adopt a revised definition that describes the qualifications and type of experience required to be qualified as a Competent Person of a mining company.

Semirara Mining Corp, the Philippines' largest coal producer, expects its net profit to rise more than 20 percent this year and coal revenues to jump as much as 56 percent mainly due to higher coal prices and increased exports, the company's chief executive said on Tuesday.

Semirara hopes to sustain its double-digit profit and coal revenue growth next year with no let up in demand especially from the fast-growing economies of China and India.

"We expect more than 20 percent growth in profits for 2008 and at least 20 percent growth in profits for 2009," Isidro Consunji, who is also the president of Semirara's parent firm DMCI Holdings, told Reuters in an interview.