The Philippine government Sunday expressed its interest in attracting Chinese investment to develop the country's rich mining resources, describing China as "a potentially huge investor."

"If the Philippines promulgates proper policies, it has a great opportunity of attracting China, which has exchange reserves of more than 400 billion US dollars," said Philippine Socio-economic Planning Secretary Romulo Neri.

He said that the Philippines' potential mining wealth is estimated at 840 billion US dollars, which equals 10 times the sum of the country's gross domestic product and 15 times the country's external debts.

"The growth of the mining industry is critical in inducing greater economic growth, attracting more investments, creating more jobs and reducing poverty, particularly in the rural areas," said Neri, who is also director general of the National Economic Development Authority.

He said that the mining industry is critical in stabilizing the country's macroeconomy and that the sector is expected to increase tax collection, reduce creditor risk perceptions and improve credit rating for the country.

The mining sector is also expected to generate a substantial increase in exports and the country's precarious level of foreign exchange reserves, as well as strengthen and stabilize its own currency, peso, said the secretary.

He pointed out that developing the mining industry will draw large amounts of foreign investment, with one single mining site expected to draw between 850 million US dollars and 1.2 billion US dollars, "an almost impossible amount to raise from local investors."

The national development agenda of the Philippine government identifies mining as one of the microeconomic thrusts to create jobs, one of the key targets to achieve the 10-point agenda of President Gloria Macapagal Arroyo.

According to local press reports quoting Philippine officials, the Philippine government is eager to develop cooperation with China in the fields of tourism, mining, agriculture and

infrastructures, which are believed to have huge potentials.