Marcos pushes passage of mining fiscal reform bill
PRESIDENT Ferdinand Marcos Jr. on Wednesday urged Congress to pass the measure on the rationalization of the Philippine mining regime to ensure a «fair and equitable mining environment.»
The President renewed his push for a simplified fiscal regime for the mining industry during the Philippine Mineral Industry Environmental Award (PMIEA) in Malacañang.
«I urge all our dedicated agencies and esteemed members of Congress to support the Rationalization of the Mining Fiscal Regime,» Marcos said. «This crucial bill, which I highlighted in my 2023 SONA (State of the Nation Address), is fundamental to creating a fair and equitable mining environment for everyone involved,» he added.
President Ferdinand Marcos Jr. PHOTO BY YUMMIE DINGDING/PRESIDENTIAL PHOTOJOURNALISTS ASSOCIATION POOL PHOTOThe bill proposes a revised fiscal regime, imposing a four-tier, margin-based royalty ranging from 1.5 percent to 5 percent on income from mining operations outside of mineral reservations.
Under the current fiscal regime, the obligations of mining groups and companies vary depending on the mining agreement. It also imposes taxes only for mines operating within a mineral reservation.
Marcos said that the country's abundant resources place the Philippines in a prime position as the demand for critical minerals surges amid the world's transition to clean energy.
Advertisement«The Philippines is one of the most mineral-rich countries in the world. It has a unique opportunity to leverage its natural resources for national development,» the President said. «But this can only be done if we ensure that the wealth that we generate is shared equitably, that our ecosystems are safeguarded, and that local communities are empowered.»
Marcos directed the Department of Environment and Natural Resources (DENR) to strengthen its regulatory capabilities for all mining operations to ensure compliance with safety and environmental standards.
He mentioned the signing of the Philippine Ecosystem and Natural Capital Accounting System (Pencas) Act in May 2024, which he said, «further emphasizes our dedication to sustainable resource management.»
«This landmark legislation ensures that a robust system is in
