Driving critical mineral momentum for the green pivot

On June 11, the Congressional bicameral conference committee ratified the committee report on the disagreeing provisions of Senate Bill No. 2826 and House Bill No. 8937, also known as the Enhanced Fiscal Regime for Large-Scale Mining Act.

- VICTOR ANDRES C. MANHIT

This piece of legislation affirms the strategic role of the mining sector and resolves a foundational issue for its revitalization. Specifically, it is a step toward updating a much-criticized tax structure that has caused decades of policy uncertainty for the industry. According to Senator JV Ejercito, the sponsor of the measure, the new fiscal regime is projected to contribute an additional P6 billion in revenues to the government.

Meanwhile, the Department of Finance (DoF) estimates a potential P25.06 billion in revenue within the next three years.

As one of the Legislative-Executive Development Advisory Council’s (LE-DAC) priority measures for the 19th Congress. It is now for bill enrolment with the Speaker and Secretary General of the House of Representatives and the Senate President and Senate Secretary affixing their signature before it is to be transmitted to the Office of the President for signing into law.

Over nine million hectares of land with mineral potential can be found in the Philippines. However, this potential remains largely untapped due to persistent bureaucratic barriers and an unstable policy environment. The President has called on the government and private sector to work together to unlock this potential, recognizing that mining could play a major role in driving national economic growth.

The mining industry’s role is no longer confined to economics.