Philex will pay P1-B fine on Monday

Posted at 02/15/2013 3:23 PM | Updated as of 02/15/2013 3:25 PM

MANILA, Philippines - Philex confirms it is paying the P1 billion fine for last year's tailings spill on time next week. 

But it won't comment if it had asked to pay on installment and if so why.

Mines and Geosciences Bureau director Leo Jasareno said Philex was Philex was paying on time after requesting earlier this week to be allowed to make a partial payment first. 

Philex spokesman Mike Toledo didn't answer whether Philex had made the request. 

Earlier this week, Philex said it received an insurance payment for the spill amounting to $25 million or P1 billion.

Philex said it would pay on Monday, one day before the February 19 deadline. 

"Even as we are not at fault, we are paying the fee," Philex said in a statement.

Last year's accident sent 20 million tons of tailings reportedly as far as the San Roque dam in Pangasinan. 

Philex has been assessed a separate P93 million fine under the Clean Water Act.