COMP backs bicam version of mining fiscal reform bill

The reconciled version of the proposed mining fiscal reform bill by the bicameral conference committee provides a "win-win" situation for the industry and the government, the Chamber of Mines of the Philippines (COMP) said.

- By JASPER EMMANUEL ARCALAS

The reconciled version, like the versions from both chambers of Congress, proposes a shift to a mining tax regime based on profit margins and windfall earnings of companies.

"While a tax increase is inevitable, we believe this progressive and responsive approach allows the government to benefit more when global commodity prices rise, without placing undue burden on miners during market downturns," COMP chairman Michael Toledo said.

Toledo said the industry also welcomes the removal of the proposed raw ore export ban pitched under Senate Bill (SB) 2826.