outbrain
Close  

DOF studies impact of mine closures

By: - Reporter / @bendeveraINQ
/ 04:04 AM February 07, 2017

The Department of Finance is taking a closer look at the impact on local jobs as well as revenues by the order of the Department of Environment and Natural Resources to close down 23 mines nationwide and suspend another five.

In a statement Monday, the DOF said Finance Secretary Carlos G. Dominguez III had ordered treasurers of local government units to prepare their assessment reports as he feared that the DENR’s directive “might imperil the fiscal state of the affected LGUs, given that mining companies account for a hefty part of the tax revenues collected by local governments in municipalities hosting mine sites.”

ADVERTISEMENT

“On the revenue side, our primary concern is the revenues of the municipalities. That’s why we asked the treasurers already to give us a quick-round assessment of how much is going to be lost in revenues,” Dominguez said.

Based on preliminary data of the DOF-attached Bureau of Local Government Finance, one city and 10 municipalities will be impacted by the closure of 23 mining sites, on top of one city and four municipalities that host suspended mining firms.

FEATURED STORIES

As such, the DOF said BLGF executive director Niño Raymond B. Alvina already issued a memorandum “directing city and municipal treasurers in all localities hosting mining projects to submit their complete and updated reports by Friday, Feb. 10.” LGU treasurers are supervised by the BLGF.

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Department of Environment and Natural Resources, Gina Lopez, mining, mining closure, Philippine business news updates
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.