Gov't, miners agree on fiscal regime proposal

Miners and government officials have reached a middle ground on the tiering of a proposed windfall profit tax for the mining industry that could pave the way for the approval of the long-awaited mining fiscal regime.

- JASPER EMMANUEL ARCALAS

Ronald Recidoro, executive director of the Chamber of Mines of the Philippines (COMP), said mining firms and the Department of Finance (DOF) have "mutually agreed" on a tiering system that is acceptable to both parties.

Recidoro said the tiers would be about five, which is a "slight tweak" to the DOF's earlier proposed regime of having four tiers.

"We are now in agreement with the DOF that when our profit margin grows then a higher tax rate would be applied," Recidoro told reporters.