Draft of mining revenue bill being finalized
MANILA, Philippines - Malacañang said it is in the process of finalizing the draft of the law that will spell out revenue sharing arrangements for the mining sector.
"There are drafts already of the legislation for the mining tax. So we expect them to be vetted by the larger economic cluster in the next few weeks," Palace communication secretary Ricky Carandang said in response to a reported statement from the president of the Chamber of Mines of the Philippines that mining investments will drop in the next three years.
Explaining the delay in the formulation of the mining tax scheme, Carandang said that the Mining Industry Coordinating Council wanted to make sure that all stakeholders are consulted.
"We've taken into account the stakeholders. There are many stakeholders here. There are mining companies, the industry, there are environmentalists, there are local governments and we try as much as possible to engage them as we come up with something like this… So there has been a lot of back and forth between the MICC and the different stakeholders so we are just making sure that everyone is consulted and we're already actually writing the legislation, the draft," Carandang said.