Over $672-M investment pledges secured in Marcos' APEC participation

The President has officially signed a new law that promises a better deal for the country from its large-scale mining operations. The goal is simple: to get our fair share of the wealth from our natural resources and share it with the communities that need it most.

​

This new law, known as the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, introduces a key change: mining companies operating in special government-designated areas will now pay a royalty of 5% of their total earnings. For those working outside these areas, the payment will be based on their profits.

​

But that's not all. The law also includes a "windfall tax" on companies that make huge profits—over 30%. This is a way to ensure that when a company does exceptionally well, the government and the Filipino people also benefit. As the President said, this ensures the benefits “ripple into the lives of ordinary Filipinos.”

​

The law also brings greater transparency and fairness. Each mining project will now be taxed on its own, so companies can't use losses from one project to lower the taxes on a successful one.

​

Our local communities are set to gain, with 40% of the money from these taxes and royalties going directly to them. A portion of the royalties will also be used to fund research, environmental protection, and exploration efforts.

​

This new law is a significant step toward making the Philippine mining industry a key player on the world stage, especially for materials needed for green technologies. It's a balance of fostering economic growth while also protecting our environment.

​

Even though a proposed ban on exporting raw minerals didn't make it into the final version, the law is seen as a crucial step toward a more stable and competitive mining industry. It’s designed to provide predictability for investors while making sure the government and host communities get their rightful share, especially when global metal prices are high.

​

​

Source: Business World Online via Erika Mae P. Sinaking