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New EO won’t end wait for new mining deals

Tuesday, July 10, 2012

Mining companies’ hope to end a long wait for President Aquino’s policy on the mining industry with the signing of the executive order (EO) on the sector appeared to have been futile as the Palace said yesterday it would not approve new mining permits until Congress passed a bill increasing royalties on the industry as part of new rules governing the sector.

The policy spelled out in the EO signed by President Aquino last Thursday but the details of which was announced yesterday by Environment Secretary Ramon Paje aimed at boosting state revenues while putting in place measures to protect the environment, tourism and agriculture.

Paje, who announced the new rules, said the key provision would impose a five percent royalty on the gross earnings of mining companies compared to the existing two percent tax.

However he said this would require passage of a bill in Congress, expressing hope it would be passed soon.
“Basically, the executive order intends to increase the revenues of government from mining,” he told reporters.

“There will be no new mining agreements before the new legislation on revenue is passed,” he added.
He stressed the order would respect the existing mining agreements with the 33 mining operations already in the country but would be imposed on new entrants. He said that if the law was passed by 2016, the country could earn an additional P16 billion from the higher royalties..... MORE

SourceThe Daily Tribune

URL: http://www.tribune.net.ph/index.php/headlines/item/1361-new-eo-won%E2%80%99t-end-wait-for-new-mining-deals

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