Clarify mining EO’s rules, gov’t urged
By Riza T. OlchondraThe Chamber of Mines of the Philippines (COMP) said it was asking the government to clarify the implementing rules of mining reforms to “appease investors.”
The Chamber of Mines of the Philippines (COMP) said it was asking the government to clarify the implementing rules of mining reforms to “appease investors.”
Stakeholders of various industries on Monday agreed with President Benigno Aquino’s claim that the Philippines has opened itself to business again, given the reported improvements in governance, public works, as well as services.
The issuance of the long-awaited Executive Order No. 79 on mining reforms drew generally positive reactions from the mining industry.
The Chamber of Mines of the Philippines is pushing for a progressive tax system for the mining sector that will enable the government to generate more revenue from mining.
The Department of Environment and Natural Resources (DENR) has closed the door on the consultations on the new mining policy being drafted, Environment Secretary Ramon Paje said, noting that those wanting to appeal some provisions should bring their case to President Aquino.
The government lost at least P2.42 billion in taxes over a two-year period due to small-scale miners who deliberately misstated their tax obligations, the Chamber of Mines of the Philippines (CoMP) said in a statement.
The Chamber of Mines of the Philippines criticized the passing of a provincial ordinance banning open pit mining in Zamboanga del Norte and urged the national government to settle conflicting national and local laws on mining.
The Philippines’ potential mining wealth is estimated to reach $840 billion (P47 trillion), or 10 times the country’s annual gross domestic product, according to Chamber of Mines of the Philippines (COMP) president Benjamin Philip G. Romualdez.
